Redrow beats forecasts in profits surge September 8, 2011 HOUSEBUILDER Redrow has posted better than expected pre-tax profits, thanks to a 14 per cent rise in revenues, but warned of a tough outlook for the property market. The Wales-based company posted a pre-tax profit of £25.3m in the 12 months to the end of June, compared with £700,000 the year before, beating a consensus [...]
Banks face $200bn US subprime suit September 4, 2011 LENDERS were dealt a heavy blow on Friday as a US federal agency filed 17 lawsuits against banks for allegedly mis-selling securities based on mortgages in the run-up to the financial crisis. Shares in Bank of America, the worst-hit, tumbled more than eight per cent on the news. The Federal Housing Finance Agency, which oversees [...]
STEVENAGE, HERTS September 1, 2011 SWALE CLOSE Price: £239,995 This three-bedroom semi-detached house is located in a quiet cul-de-sac and within the sought-after Great Ashby area. It offers ample space since it is spread across three floors and has a large conservatory extending from the back. Contact: Vincent Giddings on 01438 960 010 or go to www.vincentgiddings.co.uk JACKDAW CLOSE Price: [...]
London’s rent continues to edge upward August 31, 2011 STRONG demand and weak supply continues to hike up London rents, with many young people struggling to get a step onto the property ladder. “Rental growth in London and the south has outperformed the rest of the country, though all regions have seen a pickup in rents,” the Royal Institution of Chartered Surveyors (RICS) said [...]
British mortgage sales decline across the board August 31, 2011 MORTGAGE sales in the year to April sank to their lowest rate since the Financial Services Authority (FSA) began gathering the figures in 2005, it emerged yesterday. “Overall, mortgage sales declined by seven per cent from 2009-10 to 2010-11,” the FSA said. The decline was across the board, with sales of mortgages to first-time buyers, [...]
House price slump is already upon us August 30, 2011 HOUSE prices remain overvalued in Britain, locking out many aspiring buyers. Of that there is no doubt. But it is also the case that average prices have fallen far more than is usually understood; the single biggest reason why so many younger people cannot enter the market is because they have to put down much [...]
CITY VIEWS: DO YOU THINK HOME OWNERSHIP IS DECLINING? August 30, 2011 MARCUS KUM | INSTITUTE OF CHARTERED SHIPBROKERS “People will always buy houses rather than rent because it’s a personal achievement: the only problem is the affordability. Renting is cheaper because of the deposit when buying, causing a decline in house ownership.” CHRIS COPPING | UNITED INSURANCE BROKERS “Yes, but I’m not sure how long it [...]
£10bn profits top forecasts for Gazprom August 30, 2011 RUSSIAN gas export monopoly Gazprom’s quarterly profits beat analysts’ expectations yesterday as European buyers rushed to secure contracts at prices 21 per cent higher than a year ago. The company posted a 42 per cent increase in first-quarter earnings to 478.5bn roubles (£10.2bn), exceeding market expectations of a 29 per cent gain. The country’s largest [...]
WHAT THE OTHER PAPERS SAY THIS MORNING August 29, 2011 FINANCIAL TIMES WATCHDOG HITS OUT AT BANKS OVER GREEK DEBT Some European financial institutions should have taken bigger losses on their Greek government bond holdings in recent results announcements, according to the body that sets their accounting rules. the International Accounting Standards Board criticised the inconsistent way in which banks and insurers have been writing [...]
Ferrari sales cause HR Owen profits jump August 22, 2011 Luxury car seller HR Owen has said its pre-tax profits doubled to £1.7m in the first half of the year as buyers flocked to its new high-end cars. The Ferrari and Bentley seller said its revenues rose almost 18 per cent compared with the first half of 2010 to £93.1m as its customers appeared undented [...]