The Standard & Poor’s/Case-Shiller composite index of 20 metropolitan areas rose 0.9% in July compared with June when values rose 1.2%. July represented the fourth consecutive monthly rise. On an annual basis, however, prices are 4.1% lower. The US housing market has remained in the doldrums for some time now and many have suggested it [...]
House sellers coming to market in February increased asking prices by 3.1%, compared with January, Rightmove reports. The typical home is currently for sale at £230,030 or 0.3% more than this time last year, but the bulk of vendors could face disappointment in today’s “three-tier” market. The property portal warns that lenders are focused on [...]
The UK’s equity release market held steady in the final quarter of 2009, taking into account seasonal factors. According to industry body, Safe Home Income Plans (SHIP), volumes declined by 1.9% on the previous three months while the value of the average advance showed a 4% increase. With more homeowners seeking flexible deals, the number [...]
Figures from the Bank of England show the value of mortgages approved for house purchases rising for the 11th consecutive month in October, to £8 billion. The total is up from £7.6 billion a month earlier and compares with a previous six month average of £6.7 billion. Volumes increased to 57,345, up from 56,205 in [...]
Latest figures from the British Bankers’ Association show a “modest” increase in net mortgage lending. UK banks lent a net £2.6 billion in June, compared with £2.4 billion in May and a previous six month average of £3.1 billion. In terms of volumes, last month saw 35,235 loans approved for house purchases, up from 31,919 [...]
Key Retirement Solutions has updated the equity release market with its latest monitor, showing that volumes are down for the second consecutive quarter. In the three months to the end of June, the number of new plans sold fell an annual 24% to 5,143. Furthermore, the property market downturn meant that the value of new [...]
Latest figures from the Bank of England show mortgage lending volumes for house purchases in January falling in line with a six month average of 31,000. However, net mortgage lending (gross lending with repayments and redemptions stripped out) rose by £690 million during the month, compared with £1.794 billion in December. The data suggests that [...]
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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