Nationwide building society has reported a 0.4 per cent fall in house prices in September, following a rise of 1.1 per cent in the previous month. However, the building society suggests that the annual rate of house price change is a more accurate indication of the state of the housing market, as monthly figures have [...]
House prices fell in July, to an average of £161,094 across the country, after increasing in the previous two months. Prices fell by 0.6 per cent in July, compared with the previous month, according to the Halifax House Price Index. Average prices are also 0.6 per cent lower compared with July 2011, the Halifax said. [...]
Nationwide building society reported a faster fall in house prices in July, as the economy continues to falter. House prices fell by 0.7 per cent in July, the fourth time they have declined in five months, and the fastest fall in three years. The average house price is now £164,389, 2.6 per cent lower than [...]
The fall in property prices has now extended to London and south east England, according to the latest figures from property analytics company Hometrack. Hometrack’s figures for July how that overall house prices fell by 0.1 per cent, representing the first fall in seven months. Compared with June, the number of new homes coming on [...]
Property website Rightmove recorded a drop in the average asking price for residential property this month, representing the first fall since January. Average prices have fallen by 1.7 per cent, a drop of £4,138, with demand low due to the wet weather deterring potential buyers from viewing properties. The website also blamed the Olympics for [...]
House price growth stalled in June according to new figures from property analyst Hometrack. New buyer registrations were 0.5 per cent lower in June, the first time they have fallen on a month-on-month basis, for the past five months. Supply continued to increase, causing prices to fall even further. The only place which saw an [...]
Mortgage lender the Halifax claims that house prices fell by 1.3 per cent last year to an average of £160,063, their lowest level since July 2009. According to the Halifax House Price Index, house prices fell 0.9 per cent in December, compared with the previous month. Although prices rose in the third quarter of 2010, [...]
The housing market is expected to improve strongly in 2013-14, with a 20 per cent increase in transactions, the Office for Budget Responsibility (OBR) said yesterday. An upward trend is expected to start developing in 2012-13, when 1.5 per growth is expected, according to the OBR’s forecasts which accompanied the chancellor’s Autumn Statement. Recent figures [...]
A new report from a leading think-tank is predicting that UK house prices will fall by 4.5% in 2011, followed by an average 1.5% fall in each of the subsequent four years. According to the National Institute of Economic and Social Research (NIESR), this year’s decline will reflect the squeeze on household finances resulting from [...]
UK house prices fell by 0.2% in April, leaving the value of the typical home down 1.3% on a year earlier, at £165,609, according to Nationwide. The decline follows a monthly increase of 0.5% in March and the three-month-on-three-month measure, which is a better measure of the underlying trend, shows a modest year-on-year rise of [...]
Surveyors are feeling less optimistic about UK house prices, with more respondents to the Royal Institution of Chartered Surveyors’ (RICS) August survey expecting prices to fall, rather than rise, over the next three months. However, RICS spokesman, Jeremy Leaf, points out that while prices in many parts of the country may be slipping, sales levels [...]
UK house prices rose by 0.2% in August, following on from a 0.6% increase in July, according to Halifax. Much of the decline seen in the three preceding months has now been reversed, leaving the annual rate of inflation at 4.6%, slightly below the 4.9% measured in July. With the typical value of a home [...]
UK house prices saw their second consecutive monthly fall in August, according to Nationwide. The lender recorded a 0.9% decline in the average value of a home, following a 0.5% month-on-month fall in July. The annual rate of inflation remained in positive territory at 3.9% but was down sharply, from 6.6% in July and 8.7% [...]
Halifax has reported that UK house prices increased by 0.6% in July, reversing a fall of 0.6% in June. Prices were 4.9% higher year-on-year, having lost ground on a month earlier when the annual rate of growth registered at 6.3%. At £167,425, the value of the average home stood 8.3% above its April 2009 trough [...]
UK house prices fell back in July, for the first time since February, as buyer demand remained weak. According to Nationwide, the average value of a home declined by 0.5%, to £169,347, taking the annual rate of inflation down to 6.6%, compared with 8.7% in June. The lender notes that the sizeable drop is due [...]
New figures from the Land Registry show house prices in England and Wales back to summer 2006 levels, having risen by 0.1% in June, compared with May. Last month, the typical home sported an annual gain of 8.4%, taking the average house price to £166,072. All ten regions of England and Wales experienced annual rises, [...]
UK house prices fell by 0.6% in June, following a similar decline in May, Halifax has reported. The average value of a home stood at £166,203, with the annual rate of gain easing back to 6.3%, compared with 6.9% in May. That being said, prices in the April to June quarter were largely unchanged compared [...]
Housebuilder, Taylor Wimpey, has declared that the underlying shortfall of new build housing and strong levels of demand will continue to underpin UK house prices. The developer is wary of the “ongoing political and economic uncertainty” and warns that a shortage of building land will “artificially constrain” the recovery in new house building, in the [...]
Halifax has reported that UK house prices increased by an annual 6.6% in April. However, a month-on-month fall of 0.1%, took the value of the typical home down to £168,202, or £13,539 above its April 2009 trough. Commenting on the figures, the lender’s housing economist, Martin Ellis, says: “The underlying rate of house price growth [...]
UK house prices rose by an average 0.2% in April (compared with 0.3% a month earlier), as instructions for house sales outstripped new enquiries from potential buyers. According to Hometrack, the number of new buyers registering with agents rose by 1%, the smallest increase so far this year, while growth in new instructions stood at [...]
Funding for Lending scheme prompts mortgage cuts
Mortgage brokers have attributed moves by several lenders to cut their mortgage rates to the Bank of England’s recently launched Funding for Lending scheme. Ray Boulger of mortgage brokers John Charcol said that the Funding for Lending scheme was the key to the cuts. “Wholesale borrowing rates have fallen quite quickly since the scheme was [...]
RBS computer glitch costs Ulster Bank £18m
An IT failure at parent company RBS was a “major disaster” for Ulster Bank, its chief executive Jim Brown told a committee at the Northern Ireland parliament. Following a routine software upgrade on 19 June which went wrong, thousands of Ulster Bank customers were unable to access their accounts. Ulster Bank has paid out £18m [...]
Auto-enrolment could lead to pensions mis-selling
The Pensions Institute has warned that the government’s recently launched auto-enrolment programme could lead to workers being enrolled into poor-value pension schemes. This month employers started to automatically enrol workers aged between 22 years and state pension age into a workplace pension, as long as they earn £8,105 or more. The scheme has started with [...]
Annuity rates plummet due to money-printing
Annuity rates have fallen by 7 per cent in just three months according to MGM Advantage, the retirement income specialist. This means that a 65 year old man with pension savings of £50,000 would receive a retirement income of £2,579 a year from the annuity they purchased with their pension pot, compared with £2,778 in [...]
Barclays follows Co-op in banning sales incentives
Barclays is changing its bonus system for 18,000 branch and call centre staff, following a similar move by the Co-operative bank. Barclays is ending the practice of awarding staff commission for selling financial policies. Like the Co-op, Barclays will now provide bonuses for good customer service rather than for meeting sales targets. Antony Jenkins, who [...]
Co-operative Bank bans sales incentives
The Co-operative Bank has banned sales incentives for its branch staff and replaced them with an incentive system which rewards good customer service with bonuses of up to £400 per quarter. Around 3 per cent of branch staff were offered incentives to sell products. The Co-op plans to introduce the new customer service incentive scheme [...]
UK out of recession economic research institute claims
The UK economy returned to growth in the third quarter according to the National Institute of Economic and Social Research (NIESR), marking an end to the double dip recession. The NIESR estimates that GDP grew by 0.8 per cent in the three months ending in September, building on an improvement seen in the three months [...]
Pick up in UK house sales expected
House sales in the UK are expected to improve in the next three months, helped by the government’s funding for lending scheme, according to the Royal Institution of Chartered Surveyors (RICS). The Funding for Lending scheme, launched by the government and the Bank of England, makes £80bn of lower cost funding available to lenders to [...]
Barclays expands through ING Direct acquisition
Barclays is acquiring the UK operations of Dutch banking and insurance group ING Direct. Barclays will take on ING UK’s £10.9bn of deposits and its £5.6bn mortgage book, as well as 750 employees and 1.5 million customers. ING, which has its UK headquarters in Reading, is divesting its UK assets to help raise funds to [...]
Frodo Financial launches overdraft service
Frodo Financial, a new financial technology company, has launched an online overdraft system which provides an alternative to a bank overdraft. The new Frodo Flexi account provides a rolling cash-credit facility of between £1,000 and £10,000 that runs alongside a customer’s current account with their existing bank. It offers a 16.9% APR variable interest rate [...]
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