Lloyds closes C&G outlets June 9, 2009 LLOYDS Banking Group is to withdraw its Cheltenham & Gloucester (C&G) brand from the high street in a move that will see the bank wield the axe over up to 1,660 staff as it streamlines in the wake of its takeover of HBOS. The bank said it would close all 164 branches of C&G within [...]
Further signs of strength for UK’s house market, says RICS June 8, 2009 THERE was further evidence earlier today that the UK housing market is beginning to recover, according to data from the Royal Institute of Chartered Surveyors (RICS). The balance of surveyors reporting falling rather than rising prices narrowed in May to -44.1, due to increased demand and tighter supply in the housing market. New buyer enquiries [...]
House prices see surprise jump in May June 4, 2009 HOUSE prices unexpectedly rose by 2.6 per cent in May at their fastest monthly rate since October 2002, according to Halifax’s house price survey released yesterday, although economists warned that house prices still had some way to go before bottoming out. Last month’s rise soundly beat analysts’ expectations of a fall of one per cent [...]
Lending for home loans rises in April June 2, 2009 MORTGAGE approvals for house purchase rose in April for the third consecutive month, according to data released yesterday by the Bank of England, providing further evidence that housing market activity was recovering. But approvals remained at a level that suggests further house price falls are still ahead. The Bank of England said that the number [...]
Fears over Barclays sell-off drag the FTSE 100 down June 2, 2009 THE FTSE 100 ended down 0.7 per cent yesterday, hurt by banks after a major shareholder sold its holding in Barclays, although improving US pending home sales lent some support. The index closed 29.17 points lower at 4,477.02, giving up some of the previous session’s 2 per cent rise. Barclays topped the FTSE 100 losers’ [...]
Home loans at lowest level since 2001 May 27, 2009 MORTGAGE lending sunk to its lowest level for eight years in April, data showed yesterday. Net lending by the major banks was £2.7bn during April, down from £3.4bn in March – the lowest figure since March 2001, according to the British Bankers Association (BBA). However, the number of mortgages approved for house purchases actually rose [...]
Sterling’s long decline comes to an end May 27, 2009 IT may seem strange given the dire state of Britain’s public finances but sterling is starting to regain some of its strength, especially against the dollar. Yesterday the pound rose above $1.60 for the first time in seven months, boosted by better services sector sentiment and mortgage approvals. Sterling is now trading well above its [...]
The worst may be over, but the UK’s return to growth could be painful May 25, 2009 THE WORST is now over for the UK economy, but the path back to growth will be slow and painful, according to an increasing number of economists. While last week’s GDP figures confirmed the UK economy shrank 1.9 per cent in the first quarter of this year compared with the previous quarter – its sharpest [...]
House prices fall furthest in 25 years September 5, 2008 Yet more doom and gloom was heaped on the housing market yesterday as retail bank Halifax announced the first double-digit drop in prices since 1983. Prices dipped a further 1.8 per cent in August following a drop of 1.7 per cent in July, marking the fifth month running that house prices have dropped by at [...]
Data fans slump fears September 2, 2008 Weak data with British mortgage approvals at their lowest level in 15 years and the manufacturing sector shrinking for its fourth straight month in August yesterday heightened fears that a UK recession was now inevitable. The Bank of England said that mortgage approvals, seen as an indicator of future movements in house prices, fell to [...]