Mortgage loans at 8-month high April 27, 2011 THE number of mortgages approved for house purchase rose to an eight-month high during March as activity in the property market showed signs of picking up, figures have revealed. A total of 31,660 loans were approved for people buying a new home, five per cent more than during the previous month and the highest level [...]
Gross mortgage lending springs back in March April 20, 2011 MORTGAGE lending bounced back in March from the previous month but is still two per cent lower than a year ago, data from the Council of Mortgage Lenders (CML) showed yesterday. Evidence of a seasonal recovery for the UK’s housing sector is emerging, as gross mortgage lending rose 21 per cent from £9.3bn in February [...]
Tesco wages war on British banks April 19, 2011 TESCO’S new chief executive yesterday set the retail giant on course for a showdown with Britain’s banks, as he made growing his financial services unit one of his top priorities. Philip Clarke, who replaced Sir Terry Leahy at the helm of Britain’s top supermarket last month, said Tesco’s bank would become a “big part” of [...]
Slow rise in mortgage lending March 29, 2011 MORTGAGE lending rose by £1.2bn last month, as the number of approvals edged up to 46,967, the Bank of England revealed yesterday. The number of mortgage approvals was up 1.2 per cent compared to the previous six month average. “The news is hardly encouraging,” responded Nida Ali of the Ernst and Young Item Club, “given [...]
THE WEEK AHEAD March 27, 2011 COMPANY NEWS • Travel company Thomas Cook group is going to announce its second quarter interim management statement on Tuesday. This will be followed by figures being released by TUI Travel on Thursday, where we may see indication of how the Middle East turmoil affected the performance of travel companies. • Housebuilder Bellway will be [...]
Mortgage approvals from UK high street banks remain low March 23, 2011 MORTGAGE approvals for house purchases remained near their lowest level for two years, the British Bankers’ Association (BBA) reported yesterday. The 29,923 mortgage approvals in February were just a slight upgrade from the 29,159 in January and the 23 month low of 29,029 in December. Mortgage approvals were down about 11 per cent on the [...]
Lloyds beats lending targets March 23, 2011 Part-nationalised bank Lloyds Banking Group has met its targets for lending to businesses and for mortgages, it has announced. The high street lender extended £11.7bn in lending to small and mid-sized businesses and £37bn to larger companies in the year to February 2011, beating its annual target by £4.7bn. It also provided £23.5bn in gross [...]
Businesses pay back debt as lending falls again March 18, 2011 Lending to businesses fell again in January, new data from the Bank of England have shown. Net monthly lending fell by £1.2bn as businesses paid back more debt and boosted bank balances rather than take on loans. On a three-month basis lending fell 1.1 per cent in January, while on a 12-month basis it fell [...]
WHAT THE OTHER PAPERS SAY THIS MORNING March 8, 2011 FINANCIAL TIMES MOVE TO SYNTHETIC US JUNK BONDS Demand is growing for “synthetic” financial instruments that enable investors to take positions in the US junk bond market without owning the underlying securities. The instruments, created by using credit derivatives on junk bond or high-yield indices, resemble transactions linked to US mortgages that proliferated before the [...]
Profits double at Persimmon as sales falter March 1, 2011 HOUSEBUILDER Persimmon warned yesterday that the weak mortgage market will continue to dampen sales this year, after almost doubling its pre-tax profit to £153.9m in 2010. While Persimmon sold 4.5 per cent more homes last year, the firm said completions tailed off towards the end of 2010 amid a tough mortgage market and economic fears. [...]