Bank of England to make banks add £10bn buffer to cover consumer credit and warns on Brexit derivatives risk September 25, 2017 The Bank of England today issued its strongest warning yet on the fast-expanding consumer credit sector, with financial stability experts at Threadneedle Street saying banks must hold another £10bn to cover potential losses. Losses across the whole consumer credit sector could reach £30bn – £10bn higher than previous estimates – under the stress test scenario [...]
Proptech startup Habito lands £18.5m to make mortgages digital in series B led by Atomico September 3, 2017 A fintech startup focused on making mortgage applications easier has bagged millions more in funding from top investors. Atomico, the venture fund set up by Skype founder Niklas Zennstrom, led the £18.5m series B round with existing investors Ribbit Capital, Mosaic Ventures and Revolutionary (ad)Ventures also participating. It brings total funding for the startup – [...]
Proptech startup Habito lands £18.5m to make mortgages digital September 3, 2017 A fintech startup focused on making mortgage applications easier has bagged millions more in funding from top investors. Atomico, the venture fund set up by Skype founder Niklas Zennstrom, led the £18.5m series B round with existing investors Ribbit Capital, Mosaic Ventures and Revolutionary (ad)Ventures also participating. It brings total funding for the startup – [...]
Mortgage approvals jump to 16-month high while consumer credit growth slows, Bank of England figures show August 30, 2017 Mortgage approvals for house purchases jumped to a 16-month high in July, new figures from the Bank of England released today show. Last month, some 68,689 mortgages were approved, up from 65,318 in June and a seven-month low of 65,140 in April. Howard Archer, chief economic adviser for the EY Item Club, noted that July’s [...]
The global financial crisis 10 years on: six charts that tell the story July 31, 2017 It is hard to believe but it is 10 years since the start of the global financial crisis. Triggered by a collapse in the US housing market it caused the deepest recession in living memory and the near-collapse of the financial system. Banks failed, government institutions were bailed out, stockmarkets crashed and countries had to [...]
UK house prices: More than three quarters of homes are selling below asking price June 27, 2017 More than three quarters of homes sold for less than asking price in May, new figures have shown – as the number of homes for sale rises. Some three per cent of properties sold for more than asking price in May, a report by the National Association of Estate Agents (NAEA) showed, down from seven [...]
Don’t panic – but remember Brexit will be a tough political process March 15, 2017 Everyone benefits from free trade. For years now the UK has had a persistently large trade deficit with the EU, which by rights should make Europe more amenable to doing a “business as usual” Brexit deal with us. If only life were so logical our Brexit negotiations would run smoothly and full future access would [...]
Estate agent Countrywide’s share price tumbles as profits fall by more than half March 9, 2017 Shares in the UK's largest estate agent have tumbled after it admitted pre-tax profit plummeted by close to 60 per cent last year. Read more: Estate agents Savills warns current UK house price growth is unsustainable The figures Countrywide, the company behind high street estate agency brands including Bairstow Eves and Hamptons International, said today its [...]
UK housebuilders’ shares rise as mortgage approvals hit highest level since February last year March 1, 2017 Housebuilders' share prices rose today after figures from the Bank of England showed that in January mortgage approvals hit the highest level since February 2016. The Bank reported a 2.4 per cent month-on-month rise in January, bringing the number of mortgages to 69,928. Read more: UK house prices rose by just £600 last month This [...]
Mortgage lenders have just had their best January since 2008 February 23, 2017 Mortgage lending hit £18.9bn in January, new figures have shown – two per cent up on the same month last year, and the best January since 2008. The Council of Mortgage Lenders (CML) said the figure was down six per cent on December's £20bn – but added that the number of first-time buyers had continued [...]