Bank of England poised to announce new measures to clamp down on the buy-to-let market March 28, 2016 The Bank of England appears poised to introduce new rules to clamp down on the buy-to-let property market amid fears that the sector poses big risks to the UK economy. Chancellor George Osborne told MPs last week that it is “highly likely” that he will give the Bank’s Financial Policy Committee (FPC) powers over the buy-to-let [...]
Apperio, London tech startup with aim of bringing “meaningful transparency” to legal system, raises £1.7m in seed funding round March 22, 2016 London legal technology startup Apperio has secured £1.7m in a seed funding round. The company, which provides a real-time legal fee tracking platform, said it has been backed by Notion Capital, NextLaw Labs and IQ Capital among others. This was Apperio's second funding round and was led by Notion Capital, which focuses on cloud computing and [...]
Bank lending to property developers halves in just two years to £16bn March 21, 2016 Bank lending to property developers has halved over the last two years, making it more difficult for companies to kick-start schemes that could help ease the housing crisis, a new report out today claims. Bank finance has dropped from £34bn in January 2014 to just £16bn the same month this year – with bridging finance [...]
Knight Frank and Markit: London house prices experienced the biggest increase this month March 18, 2016 London house price growth is expected to beat all other regions this month despite a slowdown in the top of the market, new research has shown. Londoners perceived the biggest increase, followed by those in the South East, East of England, Scotland and then the North West. It's slightly surprising given price growth among prime central London properties [...]
UK challenger banks: OneSavings Bank, Aldermore, Shawbrook among the lenders seeing a bounce-back March 17, 2016 Challenger banks are bouncing back after months of share price weakness, with the markets rewarding smaller listed lenders for posting double-digit increases in profits, lending and customer numbers. The regulators have handed out licences to 15 new banks since 2013, and City A.M. understands around 10 more are seeking a licence this year. Recent years [...]
OneSavings Bank share price jumps 20 per cent after challenger bank reports 52 per cent rise in pre-tax profits March 17, 2016 Shares in the challenger OneSavings Bank closed up more than 20 per cent today after the bank reported a 52 per cent rise in full-year pretax profit, far exceeding analyst expectations. OneSavings, which specialises in residential mortgages and buy-to-let, as well as loans to small and medium-sized enterprises (SMEs), said loans and advances increased 31 per cent to £5.1bn in [...]
Mortgage borrowing rises in January as landlords race for stamp duty deadline March 17, 2016 Would-be landlords made a mad dash to secure mortgages in January as new rules on stamp duty for buy-to-let homes loomed, new figures show. Data from the Council of Mortgage Lenders (CML) shows landlords borrowed £3.7bn in January, up nine per cent from the month before – but a whopping 42 per cent year on year. New [...]
Buy to let tax changes: Why a landlord exodus remains unlikely March 16, 2016 The growth of buy-to-let has been among the defining characteristics of the post-crisis mortgage market. Council of Mortgage Lenders figures released this month show that lending to landlords accounted for 17 per cent of all new loans in the third quarter of 2015. With rising property prices, meanwhile, property consultants Savills estimated last year that [...]
Advent International and others mulling £1bn-plus Land Registry takeover as government considers privatisation March 15, 2016 Advent International and others are considering bids for the government's £1bn-plus-valued Land Registry. City A.M. understands the buyout firm is one of a number of parties interested in the agency, which holds the titles for most of England and Wales’s land. Delivering his Autumn Statement last November, chancellor George Osborne said the government would "consult on options to [...]
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 [...]