London Report: Economic data to show UK recovery on a steady course August 31, 2014 ECONOMIC data due this week appears to show continuing steady growth in the UK’s economy, with little chance of an interest rate rise when the Bank of England announces its latest decision on Thursday. Mortgage approvals data for July, due today, may have dipped slightly, but analysts expect this weakness to be temporary. Meanwhile manufacturing [...]
Scottish rents rise as estate agents blame tenancy fees ban August 26, 2014 Scottish estate agents are blaming the country’s ban on tenancy fees for a recent rise in rents, indicating that the Labour party may face a similar challenge if it brings in the same rule for the UK after 2015. Your Move, a large network of Scottish estate agencies, argues today that a 2.7 per cent [...]
UK property prices: Mortgage approvals fall as cooling measures take their toll August 26, 2014 Mortgage approvals fell in June as cooling measures introduced by the Bank of England took effect, figures by the British Bankers' Association (BBA) showed on Tuesday. The number of mortgages doled out fell to just under 42,800, from 43,200 in June. Gross mortgage borrowing also fell to £10.9bn in July from £11.1bn in June. But [...]
Mortgage approvals for first-time buyers rise as UK house price growth slows August 11, 2014 Mortgage lending is still being dominated by customers looking to buy houses rather than remortgage, and first-time buyers are on the up. According to the Council of Mortgage Lenders (CML) total gross lending for June was up six per cent on May and 20 per cent up on June 2013, totalling £17.9bn. £4.2bn of that [...]
In graphs: UK house prices rise just 0.1 per cent in July July 31, 2014 First it was the Land Registry telling us and now it's Nationwide: the upward spiral of house prices is coming to an end, at least for now. The latest figures from Nationwide show that the average house price in the UK rose by just 0.1 per cent, below expectations of a 0.5 per cent increase [...]
House lending bounces as regulation squeeze eases July 29, 2014 Lending for house buyers is bouncing back after a knock from new regulations, as figures yesterday confirmed the biggest increase in mortgage approvals since 2008. There were 67,196 mortgages for house purchases approved in June, according to the Bank of England – a rise of more than 5,000 from May, and the fastest for five [...]
In graphs: Mortgage approvals rise in June even as London house prices drop July 29, 2014 The discussion around the UK property market was given an added element of confusion today as mortgage lending statistics for June beat expectations. In its Money and Credit report, the Bank of England shows that the number of mortgages approved for house purchases was up to 67,196 in June, above the 62,007 seen in May [...]
CNBC Comment: Why UK banks aren’t riding the recovery July 28, 2014 THE TIES between Britain’s banks and its economy have always been close. But they have seemed even closer in the post-banking bailout era. On Friday, when RBS rushed out its second quarter results a week early (which was rather odd in itself – don’t companies usually only rush out results if they’re either worse than [...]
As Halifax reports buyer confidence slipping, is the housing market finally cooling down? July 28, 2014 Howard Archer, chief European and UK economist at IHS Global Insight, says Yes. It’s not guaranteed that current signs that the housing market is cooling will prove lasting, but house price growth has likely peaked. The new regulations under the Mortgage Market Review have clearly had at least a temporary effect in taking some steam [...]
In graphs: London house prices no longer the fastest growing in the UK July 28, 2014 The Land Registry has released new data on house prices in England and Wales and the figures show the market is cooling. The average across England and Wales shows that prices are stagnant – showing no change at all. The average selling price for a house in England and Wales during June was £172,011: a zero per [...]