Redrow profit tops forecasts September 8, 2011 Housebuilder Redrow has posted full-year pre-tax profit ahead of expectations, thanks to a ten per cent rise in selling prices, but warned the outlook for the property market is challenging. Redrow, one of the smaller listed volume housebuilders, made £25.3m pre-tax profit in the year to the end of June, compared with £0.7m in 2010 [...]
House prices fall in August September 1, 2011 House prices suffered an unexpected fall last month, dropping at their fastest pace since October last year, data from mortgage lender Nationwide showed on Thursday, reinforcing the subdued outlook for the property market. Nationwide said that house prices fell by 0.6 per cent in August, reversing a revised 0.3 per cent rise in July, and [...]
BofA shares slide on fresh lawsuit fears August 30, 2011 BANK of America Merrill Lynch saw its shares fall again yesterday over a backlash against its plan to settle $8.5bn (£5.2bn) of mortgage disputes. The Federal Deposit Insurance Corporation, which manages failed US banks, and dozens of other investors objected to BofA’s plan to resolve huge claims from investors sold subprime bonds by mortgage lender [...]
Mortgage approvals pick up but consumer loans lose pace August 30, 2011 LENDERS approved the highest number of mortgages since May 2010 last month, but growth in consumer borrowing slowed more severely than expected, according to Bank of England figures. The Bank said 49,239 mortgages were approved in July, rising from an upwardly revised 48,500 in June. Gross lending secured on dwellings stood at £11.3bn last month, [...]
Mortgage approvals up but borrowing weak August 30, 2011 Lenders approved the highest number of mortgages since May 2010 last month, but unsecured consumer borrowing was unexpectedly weak, Bank of England figures showed. Separate figures showed the Bank’s preferred money supply gauge – M4 excluding intermediate other financial corporations – picked up to show growth of 0.6 per cent on the month, after a [...]
Londoners hit by low mortgage approvals August 15, 2011 FALLING mortgage approvals have hit Londoners harder than people from any other region of the UK, according to a group of surveyors. Purchase approvals in the capital dropped 13 per cent on a non-seasonally adjusted basis in July after a push to meet lending targets in June, when approvals rose by 12 per cent. Across [...]
Mortgage lending rises in June August 10, 2011 Mortgage lending jumped in June according to figures from the Council of Mortgage Lenders (CML). The total number of new home loans to house buyers jumped by 22 per cent from May, to 46,700. Loans to first-time buyers reached a 10-month high, up 24 per cent from May to 18,100. Although the level of lending [...]
Mortgage lending and consumer credit weak July 29, 2011 Mortgage approvals for house purchase and consumer credit continued to herald weak consumption ahead, official data showed on Friday, despite both rising more than expected in June. The Bank of England said mortgage approvals numbered 48,421 in June, up from 46,418 in May and the highest number since May 2010. Analysts had forecast a reading [...]
WHAT THE OTHER PAPERS SAY THIS MORNING July 28, 2011 FINANCIAL TIMES BHP BILLITON DIGS IN AGAINST STRIKING MINERS BHP Billiton has declared force majeure on exports from the world’s biggest copper mine, as a mineworkers’ strike entered its eighth day. The strike at BHP’s Escondida mine in Chile, which supplied 7 per cent of the world’s copper last year, comes in a month of [...]
House prices down on a year earlier after sharpest drop for 20 months July 28, 2011 HOUSE prices have dropped at their sharpest rate since October 2009, the Land Registry announced yesterday. Compared to a year earlier, June’s prices were down 2.5 per cent, it said. However, house prices across England and Wales were flat month-on-month in June. There is some disparity across the regions, the Land Registry said, with Wales [...]