Lending falls at record pace but mortgage approvals rise September 1, 2009 NET lending to individuals and companies fell over July at its sharpest pace since records began in 1993, threatening the strength of the UK’s economic recovery. The weak data came despite a rise in mortgage approvals and positive signs from quantitative easing. Data from the Bank of England yesterday showed that lending to non-financial companies [...]
Blow for Northern Rock credit holders as it halts bond payouts August 18, 2009 NATIONALISED lender Northern Rock shocked bond markets yesterday by ceasing payouts on several of its bonds in a bid to hoard cash ahead of a further £3bn government bailout. The value of the failed sub-prime mortgage lender’s credit plummeted as it announced it is to delay all payments where it is legally possible. The lender [...]
Latest big bank to shut down hits US August 16, 2009 US BANK Colonial BancGroup, which has assets of $25bn (£15.1bn), became the largest American bank to fail so far this year when it was shut down by federal officials on Friday. On the same day, regulators also shut down two institutions in Arizona – one in Las Vegas and one in Pittsburgh – pushing the total [...]
Mortgage approvals rise July 29, 2009 MORTGAGE approvals jumped in June to their highest level in more than a year but consumer lending remained very weak, recording the smallest rise on record, according to Bank of England data released yesterday. The Bank of England said that home loan approvals for new house purchase rose to 47,584 from 44,169 in May, which [...]
Results season begins as BT and National Express report July 26, 2009 THE company reporting season gets into full swing this week, with a slew of companies issuing numbers including BP, Shell and BT to name just three FTSE 100 giants. National Express, the rail and coach operator that recently became a takeover target after losing its franchise for the East Coast main line, reports on Thursday [...]
Mortgage approvals rise but consumers remain cautious July 23, 2009 UK MORTGAGE approvals rose to their highest level in June since March 2008 as the housing market shows signs of improvement and credit conditions are easing, according to data from the British Bankers’ Association (BBA) released yesterday. Figures from the BBA showed that mortgage approvals climbed to 35,235 in June from 31,919 in May. David [...]
Home loans hit six-month high in June July 20, 2009 GROSS mortgage lending hit a six-month high in June according to data released yesterday by the Council of Mortgage Lenders (CML). Figures from the CML showed that gross mortgage lending rose 17 per cent in June to £12.3bn from £10.5bn in May, but was still 48.4 per cent lower than in June 2008. Gross lending [...]
London house asking prices turn positive July 19, 2009 AVERAGE asking prices for properties in London are higher now than they were a year ago, while the yearly decline for England and Wales was trimmed to 3.1 per cent, according to property website Rightmove. Rightmove figures show that the average asking price for a UK house rose by 0.6 per cent in July on [...]
ECONOMIST VIEWS: WHAT IS THE OUTLOOK FOR THE UK HOUSING MARKET? July 19, 2009 SEEMA SHAH CAPITAL ECONOMICSIn our view there are more falls to come, although recent falls have been slower than seen previously. The problem is that just by looking at a couple of months rise you forget how far they have fallen from the peak. The outlook is slightly more positive than it was but we [...]
Drop in house prices easing July 14, 2009 HOUSE prices only fell marginally in May compared to the previous month, taking the annual decline to 12.5 per cent, data from the Department for Communities and Local Government (DCLG) showed yesterday. In the three months to May, UK house prices fell by 0.4 per cent compared to a fall of 4.8 per cent in [...]