Mortgage lending in Scotland rose by 8 per cent in the third quarter, with the number of loans increasing to 12,400, 900 more than in the previous quarter. However, the rate of growth was much lower than for the UK as a whole, where mortgage lending increased by 16 per cent. The data, from the [...]
As expected, ash cloud has drifted over Scotland from Iceland’s Grimsvotn volcano, resulting in flight cancellations. The volcano, which erupted over the weekend, is the second in just over a year after the volcano located under the Eyjafjallajokull glacier about 100 miles east of the capital Reykjavik, led to flight cancellations last year. It forced [...]
Scotland’s economy shrank less than thought in the October to December period, official figures revealed today. GDP was revised upwards to a contraction of 0.4% rather than an earlier estimate of 0.5%. The contraction was attributed to the bad weather during the quarter which impacted on many businesses. On an annual basis, meanwhile, the economy [...]
According to the latest Lloyds TSB Business Monitor, Scotland’s economic recovery has been hit by the severe wintry weather at the end of last year. For the three months to the end of February, almost half of companies experienced a decline in turnover, one third experienced level, or “static”, turnover, while a quarter noted an [...]
Official figures revealed Scotland’s manufacturing sector grew in November at its fastest rate since August. The rise was attributed to a strong rise in new export orders for Scottish manufacturers, the Bank of Scotland’s Purchasing Managers’ Index (PMI) revealed today, boosted by demand from China and the US. The Bank of Scotland’s chief economist, Donald [...]
New figures from the Department for Communities and Local Government (DCLG) show the average UK house price falling by 0.3% in July, with the annual rate of inflation slowing to 8.4%, compared with 9.9% in June. On a country basis, annual house price rises were evident in England 9.0%; Scotland 3.7% and Wales 10.1%, while [...]
Virgin Money is to bring 200 jobs to Edinburgh, it has been announced today. The financial division of Sir Richard Branson’s Virgin Group was granted a banking licence by city watchdog, the Financial Services Authority, earlier this year. The launch of the retail bank later comes at a time when consumers have lost confidence in [...]
The cost of owning and running a home in Scotland has declined by 4% over the past two years, according to research by Bank of Scotland. Between April 2008 and April 2010, average yearly expenses fell by £388, from £8,949 to £8,562. In real terms (after allowing for retail price inflation), the figure is down [...]
House prices were 10.1% higher in April than a year earlier, having gained 0.4% during March. New figures from the Department for Communities and Local Government put the average cost of a UK home at £207,516, taking into account a 0.9% rise over the three months to the end of April. However, the quarterly increase [...]
The housing market in Scotland is showing signs of a weak recovery, according to the latest Scottish House Price Monitor from Lloyds TSB Scotland. In the first quarter of 2010, the value of the average Scottish home rose 0.7%, compared with the previous three months, to £157,801. The increase is a shadow of the 5.9% [...]
The Scottish Chambers of Commerce (SCC) has today reported that the Scottish economy suffered in the early part of the year due to severe wintry weather, which hit both confidence and activity. The report, which reviewed the first three months of 2010, was carried out by the SCC in conjunction with Strathclyde University’s Fraser of [...]
Scottish airline, Highland Airways, has gone into voluntary administration putting 100 jobs at risk. The company, which is based in Inverness and also has routes to Wales, called in administrators last night, PricewaterhouseCoopers (PwC), to take over the running of the business. The Civil Aviation Authority (CAA) said operations had been suspended “with immediate effect”. [...]
The latest house price index from the Department for Communities and Local Government claims that in January, prices were up 6.2% year-on-year, having risen 2.2% since December. The analysis puts the value of the average UK home at £207,159 in January, having shown an increase of 4.8% over three months. The quarterly figure compares with [...]
Latest UK house price statistics from the Department for Communities and Local Government (DCLG) show the value of a typical home up 2.9% in December, compared to a year earlier. The month saw a 0.8% increase on November, taking the average house price to £200,307 and completing a 2.9% gain for the final quarter of [...]
Borders-based JJ&HB Cashmere Mills, which employs 176 people, has been put into administration. The Italian-owned firm, based in Innerleithen in the Borders, is one of Scotland’s oldest cashmere manufacturers and also has operations in Coatbridge and Galashiels. However, there are hopes that a buyer can be found after joint administrator, James Stephen of BDO LLP, [...]
With the stamp duty holiday due to end on 31st December, the Royal Institution of Chartered Surveyors (RICS) is warning that a return to the previous structure of the tax could have a detrimental affect on the UK’s fragile property market. According to the body, regions that are already lagging behind in the recovery will [...]
Research in two rural Scottish towns has found that social enterprise makes up a significant part of the local economy. A study by the Perth and Kinross Social Economy Partnership (SEP) found that the social economy in the two towns has an annual value of up to £70 million, employs 1,800 people, and engages over [...]
Mortgage lending activity in Scotland has begun to stabilise, the Council of Mortgage Lenders (CML) reports. In the second quarter of 2009 there were 11,400 house purchase loans taken out across the region, a 50% rise from 7,600 during the previous three months, but nevertheless 39% below the figure for a year earlier. The increase [...]
M&S Money launches 3% cash ISA
M&S Money has launched an Advantage Cash ISA paying 3 per cent, and which allows transfers in from other ISAs. It can be opened with a minimum deposit of £100 lump sum followed by minimum monthly deposits of £25. The 3% rate is variable, but there is no short-term bonus so the return won’t plummet [...]
Google suspends UK Compare Mortgages site
Google has closed its UK mortgage comparison site which it launched in July last year, after it proved to be less popular than expected. Mortgage comparison sites are designed to allow visitors to compare mortgages quickly and easily without having to visit each lender’s individual site. Google was competing with several well-established comparison sites, including [...]
AA launches ‘black-box’ policy for young drivers
The AA is launching an innovative car insurance policy called Drivesafe which could help younger drivers save up to £850 a year. Younger drivers already pay substantially higher premiums than other motorists and these costs are increasing. A new study by Confused.com suggests insurance costs for younger driver have gone up by 5.7 per cent [...]
ATOL scheme updated to protect online bookers
ATOL, a financial protection scheme managed by the Civil Aviation Authority, is being extended to protect up to six million more holidays a year. The scheme ensures that holiday makers do not lose out financially if a travel company collapses, and that they are not stranded abroad. An increase in the number of holidays booked [...]
Home repossessions lowest for four years
The number of UK homes repossessed fell to 36,200 in 2011, significantly below the Council of Mortgage Lenders’ forecast of 40,000, and lower than 2010 when 37,100 homes were repossessed. With interest rates remaining low and lenders adopting a sympathetic attitude to customers in financial difficulty, repossessions fell to their lowest level since 2007. However, [...]
Monthly pay lasting just 17 days
Workers are running out of money just 17 days after receiving their monthly pay, according to new research by the Halifax bank. This means that the average UK worker spends half the month worrying about money. The study, based on the responses of more than 2,000 adults, found that 10 per cent of workers start [...]
Women disadvantaged by auto-enrolment changes
Government proposals to increase the auto-enrolment threshold to £10,000 could put 1.8 million women at risk of missing out on a pension, the TUC has warned. Under the auto-enrolment scheme, which will be phased in from October, private sector employers will automatically enrol workers between the age of 22 years and the state pension age, [...]
Emergency household repairs company Homeserve is taking longer than expected to get back on track after its operations were suspended last October. The company expected customer numbers to fall by 5% this year but it has increased this estimate to 8% and announced the loss of 200 jobs. It estimates that renewal revenue in 2013 [...]
Sale rumoured for Yorkshire and Clydesdale banks
There is growing speculation that National Australia Bank (NAB) may sell Yorkshire Bank and Clydesdale Bank after the Australian parent company announced a strategic review of the two banks’ operations. The Australian economy is performing well and NAB reported strong profits for the final quarter of 2011 but with the UK economy at a virtual [...]
More women experiencing debt difficulties
Women in Debt, which offers female-focused debt advice, has warned that the number of UK women facing serious debt has grown significantly over recent years. The organisation believes that more women will need advice on solving debt problems in the future because they are building up an unsustainable level of indebtedness. Women in Debt’s director, [...]
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