Builders hit out at bureaucratic house planning September 18, 2013 HOUSEBUILDER Redrow dismissed debate that government mortgage schemes were fuelling a housing boom and said the UK’s “bureaucratic mess” of a planning system was the main cause of the housing shortage. The government has been criticised by economists and industry players for its launch of the Help to Buy scheme in March, the first part [...]
Osborne in denial over housing bubble September 17, 2013 London house prices are up 10pc in a year. So why does the chancellor say there’s no bubble? CHANCELLOR George Osborne has rejected suggestions that his policies are creating a housing bubble, even as new evidence emerges that prices are soaring in London. In an interview yesterday, Osborne said: “I don’t see the evidence of [...]
Mortgage approvals up as Help to Bubble scheme takes effect August 30, 2013 UK mortgage approvals have come in above analyst estimates, at 60,624 in July. Economists had predicted a jump to 59,000 from 57,667 the month before. The government's Help to Buy scheme, only one part of which is now active, has prompted higher demand in the housing sector. But for all that mortgage help, nothing has [...]
Before the open – 30/08 August 30, 2013 It's the last trading day of the month – and it looks the FTSE will close down this August. The index closed at 6621.10 on 31 July, and saw its monthly peak the next day at 6682.00. Opening at 6483.05, it seems very unlikely that anything dramatic will happening on what looks to be a [...]
London Week Ahead: Mark versus market in first public speech August 26, 2013 BANK of England governor Mark Carney’s keynote lunch speech to business leaders in Nottingham tomorrow has already been dubbed “Mark versus Market” – with market watchers dubious about Carney’s claims for long-term low interest rates. Rob Wood, economist at Berenberg Bank, said: “Growing momentum in the economy, rapidly rising house prices, and wide disagreements on [...]
Before the open – 23/08 August 23, 2013 The FTSE is expected to open slightly up after avoiding a fourth consecutive day of losses yesterday. Kit Juckes, Societe Generale on today's session: There's a bit of TGIF feel to all this: The overnight session is quieter, with equity markets and EM currencies bouncing, nominally on the back of yesterday’s crop of stronger economic [...]
Before the open – 21/08 August 21, 2013 Traders are expecting European markets to open lower after a mixed US session as it goes ex dividend today. The big action in today's markets will come at 19.00 as the Federal Open Market Committee publishes its minutes. #FTSE called around 5 points lower. #EURUSD bedding in above 1.3400 – release of #FOMC minutes [...]
Persimmon profits up as Help to Buy boosts mortgage market August 20, 2013 Housebuiler Persimmon has seen pre tax profits up from £96.5m to £132.9m in the six months to June from the same period last year (release). The firm said that Help to Buy had boosted mortgage approvals "providing the necessary medium term support to demand in the UK housing market". Our economics reporter Michael Bird: There [...]
Most London homebuyers pay stamp duty of more than £7,500 August 5, 2013 TWO THIRDS of London home sales attract stamp duty of more than £7,500, according to research based on Land Registry data out today from the TaxPayers’ Alliance (TPA). Figures from the Nationwide show the average price of a London house hit £318,214 in July, meaning potential purchasers must be able to pay £9,500 in cash to the [...]
Business mulls one year of FLS July 31, 2013 ONE YEAR ago today, the Bank of England launched its funding for lending scheme (FLS), with the intention of spurring loan activity. Aside from a boost to the mortgage market, which has been partly attributed to FLS, lending to firms remains anaemic. Though interest rates have dropped, Vicky Redwood, chief UK economist at Capital Economics, [...]