Mortgage lending rockets in March 2016 as stamp duty tax changes prompt a borrowing spree April 21, 2016 Mortgage lending ballooned in March as landlords and investors piled into the property market to beat a slew of tax changes which came into effect at the start of April. A total of £25.7bn was borrowed for home purchases in March, according to figures released by the Council of Mortgage Lenders (CML) this morning – 43 [...]
Proposed Basel changes could distort UK mortgage market, warns Council of Mortgage Lenders March 14, 2016 Proposed reforms to financial regulations would have “negative and unintended consequences” for the UK mortgage market, the Council of Mortgage Lenders (CML) has warned today. The CML said proposed reforms to Basel rules, a set of global rules adhered to by countries voluntarily, were "unduly harsh" on prime residential and buy to let mortgages. The reforms [...]
EU referendum: Housebuilders, mid-caps, banks and retail will be the sectors worst-hit by a Brexit, says UBS March 11, 2016 The Brexit debate continues apace – and now UBS Wealth Management has waded in on the argument, pointing out some of the sectors most at risk if the UK votes in favour of leaving the European Union. The good news is fears around Brexit have already been priced into the market, said Caroline Simmons, deputy [...]
Surge in mortgage approvals has no impact on house prices ahead of stamp duty surcharge – but the proportion of people renting rises again March 3, 2016 The impending stamp duty surcharge is distorting the housing market, with a "sharp" increase in the number of mortgage approvals in the first month of the year – the highest number since January 2014. But despite this, there has been just a slight uptick in house price growth, according to Nationwide, up 0.3 per cent in February [...]
Virgin Money’s share price soars as challenger bank confirms dividend after profits jump 53 pc March 2, 2016 Virgin Money's share price leaped eight per cent this morning after posting strong figures for its first full year as a public company, with profits soaring as customer numbers climb. The figures The challenger bank said underlying profit before tax was up 53 per cent to £160.3m for the calendar year, while net margins rose to 165 [...]
UK house prices: Homeowners rush to remortgage in January as activity reaches highest level in seven years February 23, 2016 Remortgaging activity has bounced back in January to reach its highest level in seven years as homeowners take advantage of a surge in mortgage products being offered at record low rates. Remortgage lending surged by 49 per cent to £6.2bn in January from £4.2bn in December and was 45 per cent ahead of the same [...]
The amount of equity withdrawn by remortgaging properties reached £837m in December 2015, while equity release lending hit £1.61bn in 2015 January 26, 2016 Equity release activity became frenzied in the later months of last year, with both equity withdrawn by remortgaging properties and total equity release lending levels reaching dizzying heights. According to figures released today by Legal Marketing Services (LMS), a total of £837m was extracted from properties through remortgaging in December 2015, up 32 per cent compared to £635m in December [...]
Barratt share price jumps as housebuilder posts “excellent” first half January 13, 2016 Another day, another housebuilder smugly proving the property sector is where it's at these days. But one analyst was still cautious… The figures The company said it completed 7,626 homes in the six months to the end of December, 9.4 per cent more than last year. The company was receiving 0.66 net private reservations per active site each week – up from [...]
Fed rate hike: What you need to know about ahead of Janet Yellen’s big decision on US interest rates, from why it’s important to when it’s announced December 16, 2015 The world is waiting on tenterhooks for the outcome of the Federal Reserve’s monetary policy meeting, with the US central bank widely expected to announce its first interest rate hike in nearly a decade tonight. Barring “unanticipated shocks”, Fed members are expected to vote to lift rates by quarter to half a percentage point from their current historic low. After [...]
UK house prices: Home lending mortgage products reach post-crisis high September 30, 2015 The number of mortgage products on the market for homebuyers to choose from are at their highest level since 2008, as competition among lenders intensifies, new figures show. A total of 15,838 mortgage products were available in August, up 10 per cent on July when there were 14,395 products and the biggest monthly percentage rise [...]