Tag: 2011

Bovis reports 130% rise in pre-tax profits

Bovis reports 130% rise in pre-tax profits

Housebuilder Bovis has today reported profits more than doubled in the six months to the end of June as a result of cost-cutting and rising house prices. The company said pre-tax profits surged to £8.1 million in the six month period compared with £3.5 million in the same period a year earlier, while revenue rose [...]

August 30, 2011 | 0 Comments More
Customer complaints down at Barclays

Customer complaints down at Barclays

Barclays has improved its customer service, with new complaints down 9% in the first half of 2011, compared with the previous six-month period, to 251,563. However, in the general insurance and protection category, volumes increased 25% to 73,692 with payment protection insurance (PPI) complaints leading the surge. The bank expects PPI volumes to be even [...]

August 25, 2011 | 0 Comments More
UK economic growth slows to 0.2%

UK economic growth slows to 0.2%

The UK’s Gross Domestic Product (GDP) increased by only 0.2% in the second quarter of 2011, following an increase of 0.5% in the preceding three months. However, the Office for National Statistics (ONS) highlights special events that could have curbed growth, including the additional April bank holiday, the royal wedding and the after effects of [...]

July 26, 2011 | 0 Comments More
BoE: Mortgage approvals remain weak in May

BoE: Mortgage approvals remain weak in May

The Bank of England has today revealed mortgage approvals remained weak in May. According to the Bank, there were 45,940 loans approved in the month – slightly higher than April’s 45,447 but lower than forecasts of a level of 46,100. Furthermore, May’s figure was lower than the average for the previous six months. Today’s figures [...]

June 29, 2011 | 0 Comments More
HMRC: House sales continue to fall in May

HMRC: House sales continue to fall in May

HM Revenue & Customs (HMRC) has today revealed a further fall in the number of homes sold in May in the UK. According to HMRC, 68,000 homes worth at least £40,000 or more were sold in the month – 2,000 lower than the revised total of April and 3,000 lower when compared with May 2010. [...]

June 21, 2011 | 0 Comments More
CML: Mortgage lending rebounds in May

CML: Mortgage lending rebounds in May

The Council of Mortgage Lenders (CML) today reported a rise in mortgage lending for the month of May. According to the Council, mortgage lending rose 12% in May compared with April as demand was boosted by the public bank holidays. Gross mortgage lending in the month totalled £11.3 billion, said the CML. The figure was [...]

June 20, 2011 | 0 Comments More
UK economic recovery to remain sluggish

UK economic recovery to remain sluggish

Recovery of the UK economy is to remain sluggish, with GDP growing by 1.4% in 2011 and by 2% in 2012, the National Institute of Economic and Social Research (NIESR) predicts. Growth this year will be constrained by government spending cuts and a squeeze on household finances resulting from higher taxes and rising inflation. According [...]

May 6, 2011 | 0 Comments More
Official: house prices in steepest decline since 2009

Official: house prices in steepest decline since 2009

Latest figures from the Land Registry show house prices in England and Wales falling by 1.1% in March, marking the largest monthly decline seen since February 2009. The only region to experience a monthly rise was the North West, with an upward movement of 0.7%, while in Wales house prices tumbled by 3.3%, compared with [...]

May 5, 2011 | 0 Comments More
House prices level but downward pressures loom

House prices level but downward pressures loom

House prices in England and Wales were unchanged in April, with no price fall recorded for the first time in nine months, according to Hometrack. A 0.3% rise in London prices offset small falls of up to -0.3% across other regions, with just under a quarter of the country showing falls. The housing intelligence firm [...]

May 5, 2011 | 0 Comments More
France revises 2012 growth forecast

France revises 2012 growth forecast

France’s Economy Minister Christine Lagarde has said the economy will expand 2.25% in 2012, revised down from a previous estimate of 2.5%. The revision was based on the fact that global demand for French goods is likely to weaken. In an interview with Les Echos reported, the minister said: “Our forecast for two percent growth [...]

April 14, 2011 | 0 Comments More
UK firms in financial distress up 15%

UK firms in financial distress up 15%

In its latest Red Flag Alert, Begbies Traynor reports a 15% increase in financial distress across all UK business sectors, with sectors dependent on discretionary spending suffering “particularly badly”. The recovery specialist’s survey for the first quarter of 2011 reveals that 186,554 firms are experiencing “significant” or “critical” financial problems, compared with 161,601 in the [...]

April 13, 2011 | 0 Comments More
German economy expected to grow 2.8% in 2011

German economy expected to grow 2.8% in 2011

It looks as if Germany will continue to drive the recovery in the euro zone after forecasts said the economy will expand by 2.8% this year. In a closely monitored twice-yearly report, the country’s leading economic institutes upwardly revised an earlier forecast of 2% growth. The report said: “In the spring of 2011, the world [...]

April 8, 2011 | 0 Comments More
CML: Mortgage lending sees slight rise in February

CML: Mortgage lending sees slight rise in February

The Council of Mortgage Lenders (CML) has today reported mortgage lending increased in February. Mortgage lending rose by 8% in February on a monthly basis but was down 12% on the year. There were 32,300 approvals during the month with first-time buyers making the biggest contribution with 12,400 mortgages worth £1.4 billion. First-time buyers are [...]

April 8, 2011 | 0 Comments More
Inflation remains challenging for Asian economies

Inflation remains challenging for Asian economies

The Asian Development Bank (ADB) has said inflationary pressures remain rife in Asia’s developing economies and could pose a challenge for many, leading to social tensions. However, the region is powering ahead in the economic growth stakes, due to soaring exports, and has been leading the way in the global economic recovery. Growth rates for [...]

April 6, 2011 | 0 Comments More
Halifax reports 0.1% rise in March house prices

Halifax reports 0.1% rise in March house prices

The Halifax has today revealed UK house prices crept up by 0.1% last month compared with February, when prices dropped 0.9%. The latest house price rise takes the average cost of a UK home to £162,912, the Halifax said. Meanwhile, in the three months to March, prices dropped 2.9% compared with the same period a [...]

April 6, 2011 | 0 Comments More
Mexico on target for strong economic growth

Mexico on target for strong economic growth

Mexico’s finance minister Ernesto Cordero believes the economy is on target for growth between 4% and 5%. Speaking in London yesterday, Mr Cordero said there is also a “strong possibility” that last year’s 5.5% growth rate could be surpassed - which represented its fastest annual rate in 10 years. However, he cautioned that surging oil [...]

March 23, 2011 | 0 Comments More
EEF manufacturing survey reveals optimism

EEF manufacturing survey reveals optimism

A survey by the Engineering Employers’ Federation (EEF), the manufacturers’ trade body, has revealed manufacturing output eased at the start of 2011, however, firms are optimistic about this year‘s prospects. The survey revealed a balance of 25% of firms reported an increase in output in the first quarter, down from 33% in the previous quarter. [...]

March 7, 2011 | 0 Comments More
Rightmove: asking prices up 3%

Rightmove: asking prices up 3%

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 [...]

February 21, 2011 | 0 Comments More
DCLG: House prices up 0.5% in December

DCLG: House prices up 0.5% in December

Official data from the Department for Communities and Local Government (DCLG) today revealed UK house prices rose by 0.5% in December compared with November, with the average UK home costing £208,148. In the meantime, on an annual basis, house prices are 3.8% higher, according to the DCLG. For the 2010 year, house prices in England [...]

February 16, 2011 | 0 Comments More
Bank of England presents Quarterly Inflation Report

Bank of England presents Quarterly Inflation Report

Presenting today’s Quarterly Inflation Report, the Bank of England’s Governor, Mervyn King, said inflation will continue to stay high in the first half of 2011. Mr King warned inflation might even reach 6% but it will fall back next year. The Bank’s report comes just a day after the Office for National Statistics (ONS) announced [...]

February 16, 2011 | 0 Comments More