UK must build 1.5m new homes November 6, 2013 Think tank calls for huge construction drive over next five years THE NEXT government must commit to build 1.5m homes by 2020 to stem an emerging social and economic crisis, according to a report released today. Westminster think tank Policy Exchange has calculated that the UK desperately needs to build 300,000 houses every year between [...]
Lloyds hopes for a 2013 dividend October 29, 2013 LLOYDS hopes to pay a dividend for this year after returning to profit, chief executive Antonio Horta Osorio revealed yesterday. The bailed out bank began its privatisation last month when the government sold a £3.2bn stake in the lender, and resuming dividend payments would be another key step on the return to normality for Lloyds. [...]
UK mortgage approvals hit a five-year peak October 29, 2013 BRITISH lenders approved the most mortgages in over five years last month as borrowing costs sank to their lowest in a decade, central bank data showed yesterday, setting the stage for further house price rises. Business lending also picked up – though only for larger firms – but the figures did little to dispel concerns [...]
Highest level of new mortgage approvals since February 2008 October 29, 2013 UK mortgage approvals were at their highest levels for five and a half years at 66,735 in September, marginally over economists' estimates of 66,000. Last month's figure was 62,22.6. The figure, reported by the Bank of England, provides, says IHS Global Insight's Howard Archer, compelling evidence that activity in the housing market was already gaining momentum even [...]
Santander gains current account customers but UK profits drop October 24, 2013 SANTANDER UK’s profits fell in the third quarter despite the success of a major advertising campaign to recruit new current account customers, the bank said yesterday. So far this year the lender has gained another 900,000 account customers, bringing its total on the brand up to 2.2m. However, pre-tax profits for continuing operations in the [...]
London Report: Bank falls stop FTSE’s nine-day winning streak October 23, 2013 THE UK’S benchmark equity index fell yesterday to end a nine-session winning streak, as a drop in heavyweight banking shares dragged the stock market down from five-month highs. Nevertheless, several traders felt any pullback would be relatively short-lived and saw the UK stock market rallying into the end of 2013. The benchmark FTSE 100 index [...]
Bottom Line: JPMorgan fine will discourage future rescues October 20, 2013 PUNISHING JP Morgan for the sins of the past might make regulators feel like they are cracking down on bad behaviour and getting tough on banks – but they risk storing up problems for the next crisis. Most of JP Morgan’s mortgage-related problems come from institutions it saved in the financial crisis, at the government’s [...]
Banks lent less to businesses in three months to August October 18, 2013 (Bank of England) The Bank of England's latest Trends in Lending survey shows that, whilst bank lending to businesses in the three months to August fell, mortgage approvals for households rose markedly. So did lending to individuals. (Release) Net lending to businesses of all sizes fell by £2.3bn over the period. Net lending to businesses [...]
Bank of England deputy fears surge in risky loans October 14, 2013 THE HELP to Buy scheme could leave house buyers dangerously overstretched by encouraging them to take out risky mortgages, the incoming Bank of England deputy governor warned yesterday. The mortgage guarantees on offer from the government mean banks will be protected against taking excessive risks, but borrowers could be encouraged to over-reach themselves, Sir Jon [...]
Lenders fear bubble if UK does not get more houses October 8, 2013 MORTGAGE lenders yesterday warned house building levels are still dangerously low, as the government’s new Help to Buy scheme launched with the backing of five banks, including HSBC. The scheme gives a government guarantee to buyers with a small deposit saved up, making banks more willing to lend and increasing the range of mortgages on [...]