It might be prime time to refinance October 14, 2012 HISTORICALLY low interest rates and government schemes mean that it may make sense, for some borrowers at least, to remortgage their homes. But data from the Council of Mortgage Lenders serves as a stark reminder as to how tight conditions still are. In 2011, £46.6bn worth of remortgages were taken out by borrowers in 375,000 [...]
Esurv says Funding for Lending is not yet boosting mortgages October 11, 2012 MORTGAGE lending dived in September, data from Esurv showed today, implying the Funding for Lending Scheme (FLS) has failed to boost loans so far. Home loans slumped seven per cent in September, the surveyor said, to just 47,603, the third worst September since records began 19 years ago. As well as slipping in number, loans [...]
What the other papers say this morning October 10, 2012 FINANCIAL TIMES Goldman “muppet hunt” draws blank Goldman Sachs has told its board of directors that an internal investigation found little substance to allegations made by Greg Smith, the disaffected employee who claimed the bank has a “toxic environment” where bankers refer to clients as “muppets”. The review found that weeks before his public resignation [...]
Outside prime London, house prices are falling back to earth October 4, 2012 IT is one of the most important economic stories of the past few years and yet the one that is least talked about. House prices in virtually all parts of the country excepting prime London have collapsed. It’s hard to believe if you live or aspire to live in Kensington, Richmond or another prosperous location, [...]
Loophole stops industry from going full speed October 4, 2012 FINALLY, some good news. Not only did car sales improve by more than expected in September, but the gains came mostly through consumer spending rather than corporate sales. But wait – a new car? That’s a pretty luxurious purchase in these straitened times, surely the squeezed middle can’t be cutting back on everything else and [...]
Scardino exit at Pearson sparks FT sale rumours October 3, 2012 THE FTSE 100’s first female chief executive Dame Marjorie Scardino stepped down as head of Financial Times owner Pearson yesterday, after more than 15 years in charge. Scardino, who has transformed Pearson since she took charge in 1997, will be replaced by the head of the firm’s successful education unit John Fallon. The move sparked [...]
Nationwide survey reveals fall in house prices for September October 2, 2012 HOUSE PRICES slipped in September, according to Nationwide’s house price index, released yesterday, adding weight to other studies showing downturn during last month. The average house price fell 0.4 per cent over the month, after the 1.1 per cent gain seen in August, and contributing to the overall 1.4 per cent fall seen over 12 [...]
Private buyout deals reach a four-year high September 30, 2012 PRIVATE equity buyouts in the UK are returning to pre-financial crisis levels, with buyout leverages and deals worth over £1bn at their highest point since 2008, data released today reveals. Figures from the Centre for Management Buyout Research shows that three buyout deals have surpassed the £1bn mark this year, the first time this has [...]
Just 250 homes sold through government’s NewBuy scheme September 27, 2012 JUST 250 houses have been sold through the government’s flagship scheme to help first-time buyers onto the property ladder, figures revealed yesterday. The NewBuy programme offers mortgage guarantees to purchasers of new-build homes, even if they can only raise a five per cent deposit. Then-housing minister Grant Shapps had said that 100,000 households will be [...]
Lack of lending hurting retailers September 27, 2012 The lack of mortgage lending to first time buyers is not only hurting the housing market, but also retailers selling tools, homewares, and furniture, data revealed today. Boosting lending would have a knock-on effect on these markets, the data released jointly by Genworth, the British Retail Consortium and KPMG showed. “A lack of lending leads [...]