The first quarter of 2012 saw 9,600 homes repossessed, the same as in the first quarter of 2011, breaking a run of year-on-year increases. According to the latest figures from the Council of Mortgage Lenders (CML), repossessions were 10 per cent higher than in the fourth quarter of 2011, when 8,700 homes were repossessed. However [...]
The number of houses sold in the £1 million to £2 million price bracket fell by 5% to 6,911 in 2011 according to a report from Lloyds TSB based on figures from the Land Registry. The figures represent the first annual fall in million-pound sales since 2009. In contrast, sales of homes priced above £2 [...]
House prices increased by 0.2 per cent across the UK in March, according to property analytics business Hometrack, representing the first price rise in 20 months. The increase was helped by increased demand from first time buyers, a scarcity of homes on the market and strong interest in properties in London from overseas buyers. First [...]
House prices have fallen for the first time in six months, with the decline attributed to changes in stamp duty. The average house price in March was £163,327, 0.9 per cent lower than in March 2011. It was the largest fall in house prices since June last year. Nationwide’s figures showed a fall in nearly [...]
UK house prices increased by £3,687 to £236,939 in March, a 4.9 per cent increase compared with the 2011 first quarter. The figures, from Rightmove’s house price index, represent the largest first-quarter rise in property prices since 2004, boosting hopes for an continued improvement in the market for the rest of the year. In London, [...]
House prices fell 1.1 per cent in February according to The Halifax, contradicting earlier figures from Nationwide suggesting that property prices have increased. According to the Halifax’s three monthly index, house prices were 1.1 per cent lower in February than in the previous three months. The mortgage lender’s annual index showed that property prices fell [...]
Manufacturing activity in China eased last month, two separate surveys have revealed today. Firstly, the official China Federation of Logistics and Purchasing (CFLP) said its purchasing managers index (PMI) fell to 50.9 in June from May’s reading of 52 – the lowest level since February 2009. The reading was also lower than expectations of a [...]
Manufacturing activity in China eased last month, two separate surveys have revealed today. Firstly, the official China Federation of Logistics and Purchasing (CFLP) said its purchasing managers index (PMI) dipped to 52 in May from 52.9 in April. While the reading was better than expectations of 51.6, it represented the lowest for nine months. Secondly, [...]
The National Bureau of Statistics has today revealed Chinese property growth eased in March. China‘s property prices have remained stubbornly high despite several Government incentives to avoid a property bubble. The country continues to grapple with high inflation in property and food prices. However, property prices slowed in March with fewer cities recording an increase, [...]
China‘s property prices have remained stubbornly high despite several Government initiatives to avoid a property bubble. The Government recently announced plans to introduce a property tax. Shanghai Mayor Han Zheng said it is preparing for the “trial reform on property tax as required by the central Government”. It has also made it more expensive to [...]
The property market has become unbalanced, caused by excessive lending, and low interest rates. Both of which have allowed for a surge in property prices over the past decade as people were able to buy in excess of their means. The current state of the market, where First Time Buyers are excluded, is a symptom [...]
China, which is the world’s second largest economy, experienced growth of 10.3% in 2010 - much higher than expected, according to the National Bureau of Statistics. While the growth is staggering, it has again raised fears of the economy overheating, which is adding to inflation pressures. In addition, fourth quarter growth was better than expected, [...]
China’s property prices rose for the fourth consecutive month in December, albeit at a slower pace. According to the National Bureau of Statistics, prices rose 0.3% in December, taking the annual rate to 6.4% - although this is half of the peak reached in April 2010 - when prices surged 12.8%. However, prices have remained [...]
As Ireland looks set to accept a multi-billion euro loan, the International Monetary Fund (IMF) and EU officials have commenced their investigation of Ireland’s bank books. Yesterday, Governor of the Irish central bank, Patrick Honohan, said the country is expected to accept a “very substantial loan”. The news comes as speculation has been mounting all [...]
There is speculation that Ireland is looking to its banks for emergency funding - the Irish Independent reported on Monday. The report comes as Ireland’s Government continues to reject claims that it is seeking emergency financial support via the EU rescue fund – established by European Governments and the International Monetary Fund after the Greek [...]
It appears the world’s third largest economy is cooling after official figures revealed Chinese annual GDP slowed from 11.9% in the first quarter to 10.3% in the March to June period, the National Bureau of Statistics (NBS) said today. The reading was marginally lower than the 10.5% expected by analysts. China’s economy has been growing [...]
Figures today revealed Chinese exports grew by 43.9% in June compared with a year earlier. The figure, which exceeded expectations, comes after China overtook Germany as the world’s biggest exporter earlier this year. Germany had held the top spot since 2003. Meanwhile, imports increased by 34.1% year-on-year in June. As a result, China posted a [...]
The Reserve Bank of Australia (RBA) has today elected to lift interest rates from 4.25% to 4.5%, as widely expected. Australia was the first economy to raise rates from a 50-year low as the economic downturn eased. Other major economies opted for lower interest rates to boost their economies. Furthermore, it is one of the [...]
The assumption that downsizing from the family home as old age approaches can help fund a comfortable retirement has been challenged by Standard Life. The insurer has recently conducted an “extensive analysis” of the UK property market to calculate how much retirement income downsizing can generate, and is warning those whose retirement dreams are dependent [...]
Government to crack down on hidden credit card charges
Tougher rules are to be brought in to protect consumers from hidden credit card charges and premium-rate phone calls to customer service departments. The Government has launched a consultation on how to implement the changes, which are required under a European Consumer Rights Directive and will apply to countries across the European Union. The new [...]
Which? report claims free banking is a myth
A new report by consumer group Which? highlights the high charges that can be applied to ‘free’ current accounts. While these accounts are free while in credit, charges can be applied if a customer goes overdrawn, especially if they do so without permission. Customers can also be charged for overseas transactions and for agreed overdrafts. [...]
Households more optimistic about their finances
Household finances are still deteriorating, but at a slower rate, according to the Markit household finance index. The index increased from 37.5 in July to 38.9 in August, with figures above 50 representing a positive change in household finances, and figures below 50 representing a negative change. The August figure represents the third consecutive monthly [...]
Think tank calls for council housing sell off
The Policy Exchange, a leading UK think tank, is calling for expensive social housing to be sold as it becomes vacant. This could raise £4.5 billion a year and the money could be used to create the largest social house building programme since the 1970s, the think tank suggests in a new report. Between 80,000 [...]
Barclays appoints new chairman
Barclays has announced the appointment of Sir David Walker as its new chairman. He will take over from Marcus Agius who resigned from the role after Barclays was fined £290 million by regulators in the UK and US for manipulating Libor, the interbank lending rate. The appointment of Sir David, a respected and experienced banker, [...]
Post Office stepping up mortgage offering
The Post Office is expanding its mortgage service with the introduction of mortgage specialists in its branches. Mortgages have been available from the Post Office since 2009, but applications have had to be made online or over the phone. It currently offers mortgage with deposits as low as 10 per cent and plans to enhance [...]
Help Loan closed after breaching money-laundering rules
Payday Loan company MCO Capital has been closed down by the Office of Fair Trading (OFT) and fined £544,000 after failing to check the identity of its borrowers. The firm, which traded as Help Loan, was targeted by criminals and cheated of more than £1.5m by the fraudsters due to its negligence. The criminals stole [...]
Health insurance becoming unaffordable warns Bupa
The rising cost of private healthcare is pushing health insurance in the UK up to unaffordable levels, according to international healthcare group Bupa. A lack of competition among private hospitals has led to the cost of treatment rising, and the insurer says that this could lead to health insurance becoming unaffordable. An increase in the [...]
Bank of England forecasts zero economic growth
The Bank of England does not expect the UK economy to grow at all this year according to its latest quarterly report. It had previously forecast growth of 2 per cent for 2012 but recent gloomy economic data has led to the growth forecast being revised downwards. The forecast for medium-term growth has also been [...]
Standard Chartered in money-laundering scandal
Standard Chartered has become the latest UK bank to be accused of illegal activity. It has been accused by the New York department of financial services of hiding $250 billion worth of illegal transactions with Iranian banks between 2001 and 2010. The US regulator claims that the bank, which has wholesale banking, corporate finance and [...]
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