Worst quarter for stocks since 2008 June 30, 2010 THE stock market closed out a painful second quarter yesterday and left investors with heavy losses and far more doubts about the economy than they had just months ago. Stocks had their worst quarterly performance since the financial crisis. The Standard & Poor’s 500 index, considered by many professional investors to be the best measure [...]
Choosing the right lender is crucial in a tough market June 3, 2010 HOUSES are selling like hotcakes thanks to fierce competition among buyers. The latest monthly survey from the Royal Institution of Chartered Surveyors (RICS) showed that houses are shifting quicker than new ones could come on to the market, despite the number of new sellers increasing. Even the dreaded gazumping is back. In such a market, [...]
Santander in £426m profit April 29, 2010 SANTANDER, the eurozone’s largest bank, grew its UK profits by more than 15 per cent in the first quarter as it bit off a greater market share in mortgage lending. The Spanish giant yesterday said trading profits were £426m in the three months to March. In a challenge to Britain’s high street players, Santander expanded [...]
Redrow on way to profit April 26, 2010 HOUSEBUILDER Redrow expects to return to profitability in the second half of 2010 as market conditions continue to improve. The FTSE 250 group says it has been “encouraged” by sales activity since the start of the calendar year. It is likely to legally complete more than 2,500 homes this year with sales rates per outlet [...]
If you fix your mortgage now pick carefully April 15, 2010 EARLIER this week we learned that mortgage applications climbed back to pre-recession levels last month. Research from mortgage broker Countrywide showed that a growing number of Britons are now choosing fixed products rather than flexible tracker mortgages. Fixed products made up 61 per cent of applications in March – an increase of 4 per cent [...]
Light at the end of the tunnel, but buyers should stay cautious March 25, 2010 IT’S the perennial dinner party question: what will happen to house prices in the coming year? With a hung parliament on the cards come May and economists divided over when the Bank of England will decide to raise interest rates, those who are looking to move property remain understandably nervous. Mortgages are still hard to [...]
British economy faces years of pain January 26, 2010 “THE UK is a must to avoid. Its gilts are resting on a bed of nitroglycerine.” So says Pimco’s Bill Gross – and given yesterday’s pathetic 0.1 per cent fourth quarter growth, he is clearly right. It is good news that we are out of recession at last. But the last year and a half [...]
US state borrowing for nothing November 23, 2009 THE interest rate on US Treasury bills has dropped below zero in a scenario last seen in 1938, leaving investors in the bizarre position of paying the government for the privilege of lending it money. The collapse in short-term borrowing costs comes as stocks continue to shoot up, a deeply unusual combination last seen during [...]
WHAT THE OTHER PAPERS SAY THIS MORNING May 20, 2009 FINANCIAL TIMESCANNES HIT BY CUTBACKS AND CAUTIONThere are still outward signs of glamour on the Croisette in Cannes, but economic reality has gripped the film market at this year’s 62nd film festival. Some of the biggest parties have been cancelled and, for the first time in years, it is easy to get a hotel room. [...]
Data fans slump fears September 2, 2008 Weak data with British mortgage approvals at their lowest level in 15 years and the manufacturing sector shrinking for its fourth straight month in August yesterday heightened fears that a UK recession was now inevitable. The Bank of England said that mortgage approvals, seen as an indicator of future movements in house prices, fell to [...]