PROPERTY NEWS February 9, 2012 REPOSSESSIONS TO RISE British mortgage repossessions hit their lowest since 2007 last year but are expected to rise in 2012 due to increasing unemployment, the Council of Mortgage Lenders (CML) said yesterday. The CML said the number of home repossessions came in at 8,500 between October and December, down from 9,300 in the previous three-month [...]
Ban on bonuses looms at Fannie and Freddie February 2, 2012 US SENATORS have voted to block bonuses for directors at bailed-out mortgage financers Fannie Mae and Freddie Mac. America’s upper chamber moved to ban the payouts, worth nearly $13m, under a bill amendment put forward by Republican John McCain and Democrat John Rockefeller. The bill, approved by a huge majority of 96-3, also needs to [...]
UK consumer credit drops January 31, 2012 Unsecured lending to Britain’s consumers posted its sharpest drop since at least 1993 in December, official data showed on Tuesday, highlighting their reluctance to take on more debt. Britons have been reluctant to take on more credit for major purchases, as bank lending conditions are tight and uncertainty over jobs is weighing on sentiment, making [...]
Home owners borrow less in weak market January 4, 2012 MORTGAGE approvals rose slightly in November, according to figures out yesterday from the Bank of England, though remortgaging levels plummeted and loans for new homes increased at a very low rate. Lending to businesses also declined in November, the Bank revealed, with small firms in particular finding debt more expensive. New loans rose to 52,854 [...]
Banks drag FTSE down as UniCredit prices at discount January 4, 2012 CONCERNS over the Eurozone sent Britain’s top shares into reverse yesterday after the previous session’s sharp gains, as Italian lender UniCredit priced a rights issue at a huge discount, and a German bond auction failed to excite. The FTSE 100 fell 31.46 points, or 0.6 per cent, to 5,668.45, albeit in light volume, at 79 [...]
RENT December 15, 2011 HEAD OF RENTALS AYLESFORD INTERNATIONAL Q. I’m a homeowner with a property in central London – despite the fact that this area isn’t directly affected by the Olympics, I am keen to capitalise from the influx of tourists coming to London in the summer, but where do I start? A. Many homeowners across London are [...]
UK mortgage approvals jump December 8, 2011 Loans for home purchases hit their highest since December 2009 in November, according to data out today from e.surv chartered surveyors, thanks largely to loose mortgage conditions. Purchase approvals rose from 52,743 in October to 54,658 in November on a seasonally adjusted basis – an increase of four per cent, and 15 per cent higher [...]
Bank of America agrees $315m Merrill Lynch settlement December 6, 2011 Bank of America has agreed to pay $315m to settle claims from investors who said they were misled by Merrill Lynch when they bought mortgage-backed securities in the run-up to the financial crisis. The settlement is one of the highest ever agreed against a bank over the mis-selling of the securities, which were shown to [...]
UK mortgage approvals are on the rise November 29, 2011 BRITISH mortgage approvals edged up more than expected to their highest in nearly two years last month, but the overall picture for lending remained well below pre-crisis levels and the outlook appears set to darken. The Bank of England said approvals for home loans – a gauge of house prices in six months’ time – [...]
Approvals on UK mortgages in shock jump November 23, 2011 HIGH street banks unexpectedly increased their number of mortgage approvals last month, the British Banking Association (BBA) said yesterday. “Reports suggest that some activity may relate to growth in the buy-to-let market as rental yields improve,” the BBA said in its report. Mortgage approvals came in at 76,042, up from 73,334 the previous month. The [...]