Citi takes $600m blow from extra legal costs October 30, 2014 US bank Citi revealed a $600m (£375m) legal bill last night, surprising investors with the costs just two weeks after it published its third quarter financial results. The costs cut its profits for the quarter from $3.4bn to $2.8bn. And the lender’s dividend will be chopped from the planned $1.07 per share to $0.88 per [...]
UK house prices rise 0.5 per cent in October, but longer-term trend is slowing October 30, 2014 Are house prices rocketing or is their growth slowing? It's getting confusing – according to Nationwide, the unpredictable UK housing market rose in October, with prices up 0.5 per cent month on month, after they fell 0.1 per cent in September. But the annual figure, a more reliable measure, slowed to nine per cent. As [...]
Mortgage approvals fall to lowest level since July 2013 October 29, 2014 Mortgage approvals have fallen to a 16-month low, adding further weight to the argument that the housing market is slowing down. Lenders approved just 61, 267 mortgages in September, figures published by the Bank of England revealed this morning, continuing the decline from a peak at the start of this year. In total, [...]
Land Registry: UK house prices have fallen 0.2 per cent since August October 28, 2014 UK house prices have fallen since August, data published by the Land Registry today showed, offering further evidence of a cooling market. The Land Registry, which uses price paid data as opposed to asking prices, said prices have fallen 0.2 per cent since August, despite rising 7.2 per cent in the year to September. [...]
Mortgage firm braves a stock market debut October 27, 2014 The Mortgage Advice Bureau (MAB) wants to float on the Alternative Investment Market (Aim), yesterday announcing its plans to go public. It comes after challenger bank Aldermore scrapped its initial public offering, blaming poor market conditions, and Virgin Money postponed its attempted stock market debut. But the brokerage has not been dissuaded by the flow of [...]
New mortgage hurdles begin to make impact on property market October 23, 2014 THE NUMBER of mortgage approvals fell for the third month in a row as housing market activity continued to slow. Data released yesterday by the British Bankers Association, a trade body for UK banks, revealed that the number of mortgage approvals in September was 39,271 – a 14-month low. The figure marks a 10 per cent [...]
How shared ownership can help get Londoners on the housing ladder October 22, 2014 The Scottish Parliament has set out plans to levy its first tax since 1707. In an effort to support first time buyers, it proposed reforming stamp duty into a marginal – rather than a “slab” – tax, meaning that house sales in Scotland will no longer incur the highest rate on the whole price. These [...]
London house prices: Property market stalls in September October 21, 2014 The inexorable rise in London’s house market stalled in September according to Sequence, a national estate agency network. The number of transactions fell by one per cent, adding to the body of evidence pointing to a marked slowdown in the London housing market. “What we are seeing is a return to normality in the housing [...]
Mortgage loan growth slows October 20, 2014 THE HOUSING market continues to lose steam with the amount of mortgage lending falling for the second consecutive month. The Council of Mortgage Lenders yesterday estimated that gross mortgage lending reached £17.8bn in September – one per cent less than in August. However, this is 10 per cent higher than last year. “There is growing [...]
Mortgage price war as interest rate hike prospects fade October 20, 2014 Banks slashed mortgage rates again this weekend as the prospect of monetary tightening from the Bank of England receded even further into 2015. Lenders had started increasing rates earlier this year as they believed the booming British economy would lead policymakers to raise interest rates. But the Bank’s monetary policy committee has resisted lifting rates [...]