New lending plan gets off to a shaky start August 1, 2012 THE GOVERNMENT’S latest plan to give banks cheap funds in an effort to boost lending to firms and households received a cautious welcome from banks when it opened yesterday. Majority taxpayer-owned RBS accessed the “Funding for Lending” scheme (FLS) immediately, and cut mortgage and corporate loan interest rates by up to 1.6 percentage points. Lloyds, [...]
House prices suffer biggest drop since 2009 – Nationwide August 1, 2012 British house prices fell at their fastest annual pace in nearly three years last month, data from mortgage lender Nationwide showed today, as the effects of nine months of recession spread further across the economy. Nationwide reported a 0.7 per cent decline in house prices in July, a much bigger drop than that forecast by [...]
Italian police seize Barclays documents in rates probe July 31, 2012 Police have seized documents at the Milan offices Barclays as part of an Italian probe into possible manipulation of Euribor lending rates, judicial sources and consumer groups said today. The search took place last Friday and was ordered by prosecutors in the southern city of Trani, the sources said. Barclays has been fined over $450 [...]
Mortgage approvals plummet to their lowest level for 18 months July 30, 2012 MORTGAGE approvals plunged to their lowest number in a year and a half in June, according to Bank of England data released yesterday. Only 44,192 loans for home purchase were waved through by lenders last month, down from 50,544 in May and significantly below economists’ forecasts. While two extra bank holidays falling in June might [...]
Co-op to break dominance of top tier banks July 19, 2012 MILLIONS of Lloyds customers are set to become Co-op clients under the deal announced yesterday, making the smaller bank a new “challenger” to the UK’s dominant big five. Under the deal, set to be finalised by Christmas, the Co-op will issue £350m of subordinated debt in the coming months as an initial payment for the [...]
Consumers hit by housing market woes July 19, 2012 MORTGAGE lending dived in June, while private rents climbed for the third month in a row, according to data released yesterday by the Council of Mortgage Lenders (CML) and today by LSL property services. Gross mortgage lending was down five per cent at £11.9bn, compared to £12.5bn in May and £12.6bn in June last year, [...]
House prices stall in June but annual picture remains solid July 12, 2012 AFTER six months of growth, house prices inched down in June, according to a report released today by LSL Property Services. The average UK house price crept down to £224,102, a 0.1 per cent fall on the month, said LSL. On an annualised basis, however house prices were up three per cent. “Despite the recession [...]
House prices nudge up in June July 5, 2012 House prices rose unexpectedly in June, though the housing market is likely to hold broadly steady in the remainder of 2012, mortgage lender Halifax said on Thursday. Halifax said house prices rose by one per cent in June, confounding economists’ forecasts for a 0.2 percent decline. House prices in May rose by 0.4 percent, a [...]
Libor: the vital number for every banker June 27, 2012 Q What is Libor? A The London interbank offered rate (Libor) is set daily for 10 major currencies and for 15 borrowing periods, ranging from overnight loans to 12 months. It is set by the British Bankers’ Association, after speaking to 16 banks and studying their data on the cost and price of lending to [...]
…but repossessions now hitting the north June 25, 2012 MORTGAGE holders in northern regions are more likely to lose their homes to lenders than people in the south, a group of surveyors said yesterday. Parts of the north east and north west of England have significantly higher rates of repossession, the data from e.surv found, though the group added that banks are trying to [...]