Mortgage approvals slump to 20-month low December 23, 2010 The number of mortgages approved bymajor UK banks fell to a 20-month low in November, figures have shown. Only 29,991 of these home loans were approved during the month, the British Bankers’ Association (BBA) said. Meanwhile consumers’ debt repayments on credit cards and overdrafts continued to outstrip new borrowing. The BBA figures show that net [...]
Mortgage lending slumps to lowest point for a decade December 20, 2010 MORTGAGE lending has sunk to its lowest level since 2000 for five consecutive months, it was revealed yesterday. In November lending dropped by five per cent to £11.1bn compared to the previous month, according to the Council of Mortgage Lenders (CML). A huge 10 per cent drop from last year’s November figures is partly accounted [...]
ANALYST VIEWS: WHAT NEXT FOR THE PROPERTY MARKET? December 19, 2010 ALAN CLARKE | BNP PARIBAS “I think it will be a year of two halves – a modest decline in prices in the first half, ending about five per cent down by mid-year: not too terrible. The market will then have bottomed out and start to regain ground.” YOLANDE BARNES | SAVILLS “London has slowed [...]
The UK’s largest housebuilder says the road to recovery will be long December 19, 2010 PERSIMMON chief executive Mike Farley is not looking for a magic bullet. The boss of the country’s largest housebuilder is clear that the sector has endured its worst slump since World War Two and faces at least a two-year road to recovery. The industry tends to listen when Farley speaks. Not just because he runs [...]
WHAT THE OTHER PAPERS SAY THIS MORNING December 15, 2010 FINANCIAL TIMES SIENNA MILLER CLAIMS REIGNITE HACKING ROW Lawyers representing the actress Sienna Miller have alleged that a senior executive at the News of the World ordered a private detective to hack into her mobile phone voicemail account, reigniting a controversy over journalistic practices at the tabloid Sunday newspaper. GOLDMAN’S SZE TO LEAVE FOR HEDGE [...]
Carpetright in profit blow as sales tumble December 14, 2010 CARPETRIGHT, the country’s biggest floor coverings retailer, said the outlook for 2011 looked poor as sluggish mortgage approvals meant housing market activity was unlikely to pick up quickly. British mortgage approvals, which are a key lead indicator for Carpetright, fell to 30,766 in October, their lowest monthly level in more than one and a half [...]
Carpetright profit tumbles 28 per cent December 14, 2010 Britain’s biggest floor coverings retailer, posted a 28 per cent drop in first-half profit as sales were dented by weak consumer confidence and sluggish mortgage approvals. The firm, which runs 584 stores in the UK and Ireland and 118 in The Netherlands and Belgium, made an underlying pretax profit of £10m in the 26 weeks [...]
Property prices fall 3pc December 13, 2010 ASKING prices for homes in England and Wales have fallen three per cent over the past month to stand just 0.4 per cent higher than a year ago, due to economic uncertainty and low mortgage approvals, according to property website Rightmove. December’s fall follows a 3.2 per cent decline in November, with further drops possible [...]
Tight credit holding back UK recovery December 12, 2010 LENDING remains too low and is “holding back the economic recovery,” the Bank of England said today. The news comes after the Bank reported that mortgage approvals fell for six successive months to October. Tight credit conditions continue to hold back recovery in the housing market, analysts say. Yet banks are ahead of schedule in [...]
Investec targets bonus earners with mortgages December 5, 2010 HIGH earning City workers can take advantage of falling house prices, after a custom made “million plus” mortgage service was launched today. Professionals will be able to borrow against their bonuses, as well as regular income, said Investec Specialist Private Bank, which is launching the scheme. The mortgages will only be offered to people borrowing [...]