Peer-to-peer lenders hit back after City grandee Lord Adair Turner says they could lead to “big losses” February 10, 2016 Peer-to-peer lenders have rejected criticisms from former City regulator Lord Adair Turner, who warned earlier today that the peer-to-peer (P2P) lending industry could be a source of "big losses" in the years ahead. "The losses which will emerge from peer-to-peer lending over the next five to 10 years will make the bankers look like lending geniuses," Turner told BBC [...]
Londoners won’t be free of credit card and mortgage debt until they are 77, survey finds February 2, 2016 Londoners may have to wait until they reach 77 to live debt-free, according to new research. The average Brit will not pay off unsecured debt, like credit cards and certain loans, until they are 64, a survey by the Centre for Economics & Business Research (Cebr) for peer-to-peer lender Zopa found. That rises to 69 once mortgages [...]
UK house prices: The UK needs a million more rental homes in the next five years February 2, 2016 The UK needs more than a million new rental homes by 2021, a new report has suggested. The government has a target to build 400,000 new affordable homes for sale over the course of this parliament – but that's ignoring the needs of renters, the research, by Savills, suggests. Sluggish economic recovery, low interest rates – [...]
UK house prices: London Help to Buy is a thing now – but experts warn it could inflate risks (and only help high earners in the first place) February 1, 2016 Callooh callay, London's own Help to Buy scheme has launched this morning, the government's scheme to give first-time buyers a lift onto the housing ladder. The new scheme effectively doubles the help being given out previously, as the government makes loans of up to 40 per cent available for first and second-time buyers on new [...]
CML warns of higher rents and a buy-to-let slowdown under Stamp Duty Land Tax proposals January 29, 2016 The new tax on second properties could lead to higher rents and a slowdown in the buy-to-let market, according to the Council of Mortgage Lenders (CML). Days before HM Treasury ends its consultation period on the Stamp Duty Land Tax (SDLT) proposals, the CML has publicly criticised the plans, claiming that they will have a [...]
TSB results: Chief executive Paul Pester says the big banks have it far too easy as his challenger bank reports 22 per cent increase in customer lending for 2015 January 28, 2016 TSB Bank chief executive Paul Pester told City A.M. that the challenger bank "definitely went from strength to strength" in 2015, as the lender announced its full-year results this morning. The retail and commercial bank, which was carved out of Lloyds Banking Group in 2014, reported profits were ahead of expectations, with management profit before tax of £105.7m, while [...]
HSBC to leave the Council of Mortgage Lenders by the end of 2016 as financial industry trade bodies get set to merge and Barclays could follow January 26, 2016 HSBC is to quit the Council of Mortgage Lenders (CML), the trade body representing mortgage lenders, as it decides whether to remain headquartered in the UK. The bank has handed in its notice that it intends to leave the CML at the end of December, after the requisite one year notice period. This comes after a plans were unveiled [...]
Mortgage lending hits post-recession high of £220bn in 2015 January 21, 2016 Mortgage lending rose by eight per cent last year compared with the year before, the Council of Mortgage Lenders (CML) said this morning. Lenders approved £19.9bn of home loans in December, taking the 2015 total to £220.3bn – the highest annual figure since 2008. December's lending figure was slightly down on November, but was 23 per [...]
Grindr snapped up by Beijing Kunlun Tech and Dalian Wanda buys a slice of Hollywood with Legendary Entertainment studios in Chinese shopping spree January 12, 2016 It takes the January sales to a new level. Today two Chinese giants went shopping: Beijing Kunlun Tech bought a controlling stake in Grindr, and Dalian Wanda bought Hollywood film studio Legendary Entertainment. Dalian Wanda Group announced today it had bought a stake in the studio, which produced the Batman trilogy, Inception, The Hangover and Jurassic World, for $3.5bn (£2.43bn). The [...]
London house prices: First-time buyers pay £91,000 deposit as fewer get on the property ladder in 2015, according to Halifax January 11, 2016 First-time home buyers needed an average deposit of £91,409 to buy a house in the capital last year, according to figures from a major British lender. The figures, published this morning by Halifax, showed London deposits were nearly three times the national average at £32,927. The deposits paid by first-time buyers nationally rose 13 per [...]