Mortgage lending jumps to highest in five years July 18, 2013 LENDING for property purchases leapt to its highest level since the end of 2008 in the second quarter, according to figures released yesterday by the Council of Mortgage Lenders (CML). Gross lending between April and June reached £42bn, up nearly a quarter on the previous three months. In June alone, £15bn was lent, rising two [...]
Northern Rock’s bad bank selling assets to JC Flowers July 18, 2013 PRIVATE equity group JC Flowers is set to buy a portfolio of £450m Northern Rock loans from the bad bank part of the lender. UK Asset Resolution (UKAR) is expected to sell the loans to One Savings Bank, owned by JC Flowers, for around £300m. UKAR exists to wind down the bad loans built up [...]
Handelsbanken profits rise as it plans 12 more branches in the UK July 17, 2013 BRITISH operations of Nordic lender Handelsbanken expanded rapidly again in the first half of the year, the group reported yesterday. Operating profits in the UK increased five per cent on the year to 276m Swedish krona (£27.6m). Household lending jumped 28 per cent to £3.1bn, while corporate lending rose 19 per cent on the previous [...]
Remortgage fall prompts calls to extend funding for lending May 9, 2013 REMORTGAGE lender LMS called for an extension to the funding for lending scheme (FLS) yesterday after February showed a deep drop in remortgage lending. Households drew £2.6bn of equity out of their houses in February, LMS figures showed, down 11.3 per cent compared to January, falling faster than overall mortgage lending. The number of loans fell even [...]
Cheap funds for lenders in bid to boost borrowing April 30, 2013 BANKS are being offered cheap funding for another year in a renewed drive to boost lending to the private sector and get the economy moving. The funding for lending scheme (FLS) was launched in August and was expected to run for 18 months. But the Bank of England and the government are worried that lending [...]
Why Osborne’s housing subsidies feel right out of the 1970s March 24, 2013 IT is all too easy to make comparisons between the behaviour of current politicians and those of their historic predecessors. But basic economic errors seem ingrained in the nature of those in positions of power, and keep happening in almost cyclical fashion, albeit always in superficially very different circumstances. I have previously compared George Osborne [...]
Osborne’s gambled on the wrong policy March 23, 2013 THERE is a striking paradox at the heart of George Osborne’s approach to the economy, as demonstrated yet again in yesterday’s Budget. He was remarkably risk-averse with his tax and spend policies, refusing to embrace the kinds of shock and awe tax reforms many of us wanted, or to cut spending faster, though he did [...]
Big banks could be forced to hold more capital February 27, 2013 The Financial Services Authority chairman, Lord Adair Turner, is currently before the Parliamentary Commission on Banking Standards. Our banking reporter Tim Wallace is following proceedings: Turner: Big banks could be forced to hold extra capital against mortgage lending because their internal models give them too easy a ride — Tim Wallace (@Tim_Wallace) February 27, 2013 [...]
First-time buys up to five year high in London February 26, 2013 FIRST-TIMERS rushed back to the London housing market in 2012, with first-time sales up to their highest since 2007. London housing transactions involving first-time buyers rocketed up 15 per cent between 2011 and 2012, from 32,400 to 37,300, according to Council of Mortgage Lenders (CML) figures out yesterday. And the figure continued to rise through to the [...]
Strong start to the new year for Persimmon February 25, 2013 HOUSEBUILDER Persimmon yesterday reported a sharp rise in full-year profits and said its strong performance has continued into 2013, with forward sales reaching £1bn. Britain’s largest housebuilder by market value said underlying profit before tax increased by 52 per cent to £225.1m in the year to 31 December while its operating margin rose 10 per [...]