House prices fall for third consecutive month October 28, 2010 House prices fell for the third month in four in October, figures from Nationwide have shown. The average price of a property fell 0.7 per cent this month after a flat reading in September. That was almost twice the drop economists had expected and meant the three-month on three-month rate of decline accelerated to 1.5 [...]
Carpetright says 2011 will still be tough October 27, 2010 CARPETRIGHT said yesterday like-for-like sales over the last three months have fallen because of continuing tough market conditions – and warned of a difficult 2011 ahead. Group sales dropped by 5.2 per cent in the twelve weeks to 23 October compared to the previous period, with 0.5 per cent of the downturn attributable to the [...]
ANALYST VIEWS: HOW SERIOUS IS CARPETRIGHT’S FALL? October 27, 2010 KEITH BOWMAN | HARGREAVES LANSDOWN Despite clear exposure to an eventual recovery, fears for a ‘double dip’ in the housing market continue to dominate, with the current market consensus opinion denoting an out and out ‘sell’. MATTHEW MCEACHRAN | SINGER CAPITAL MARKETS Typically October is a key month for the group as consumers look to [...]
UK Mortgage approvals at ten-year low October 25, 2010 MORTGAGE lending fell to its lowest level in a decade in September, the latest figures from the British Banker’s Association (BBA) showed yesterday confirming earlier figures produced by the Council of Mortgage Lenders (CML) last week. Gross mortgage lending stood at £8bn last month, 10.8 per cent lower than a year earlier. The number of [...]
Mortgage lending remains “subdued” October 25, 2010 The latest figures from UK’s major banks have said that budget uncertainties had contributed to a subdued mortgage market. The downward trend spiral continued in September, the British Bankers’ Association (BBA) said. The number of mortgages approved for house purchases fell slightly compared with the previous month to 31,104, as low demand for new loans [...]
FTSE opens higher ahead of key data October 25, 2010 The FTSE 100 rose on opening this morning with heavyweight miners likely to be buoyed by a softer dollar after the Group of 20 major economies agreed to avoid competitive currency devaluations. The blue chip index looks set to gain 43 to 48 points, or as much as 0.8 percent, according to financial bookmakers, after [...]
West LB’s bad bank records €1bn in losses October 7, 2010 GERMANY’S first bad bank, WestLB’s EAA, posted risk provisions of €1.44bn (£1.2bn) for its 2010 fiscal year and expects more to come as its markets show little signs of recovery. EAA (Erste Abwicklungsanstalt) posted a net loss of €1.05bn in its shortened fiscal year from December 2009 to June 2010, co-head Matthias Wargers said yesterday. [...]
Tesco plan to sell mortgages delayed by FSA October 3, 2010 TESCO’S plans to sell mortgages in Britain could face a delay because it has yet to receive approval from the country’s financial services watchdog. “The FSA (Financial Services Authority) is just being careful. It is a new process and it is very difficult,” a Tesco spokesman said. He declined to comment on a report in [...]
Borrowing dip in August September 29, 2010 MORTGAGE approvals fell in August to their lowest level in six months, while consumers also chose to continue to pay down debts, the latest figures from the Bank of England (BoE) showed yesterday. The Bank said 47,372 mortgages were approved in August down slightly from the July figure of 48,619. Meanwhile, approvals for remortgaging stood [...]
Mortgage approvals drop September 29, 2010 Mortgage approvals for house purchase fell to a seven-month low in August and net consumer credit unexpectedly contracted, official data showed. The Bank of England said mortgage approvals numbered 47,372 in August, down from 48,346 in July and broadly in line with analysts’ forecasts and a weaker industry survey last week. Consumers unexpectedly made a [...]