Home shortage drives prices up, says Nationwide May 31, 2012 House prices are stuck at a high level despite a lack of demand because of a low rate of building, Nationwide said yesterday, arguing that allowing more construction will reduce the pressure of housing costs on households. The building society’s data showed prices rose 0.3 per cent in May, but dropped 0.7 per cent on [...]
House prices edge up in May May 31, 2012 House prices rose slightly more than expected this month to leave prices broadly unchanged on a year ago against a backdrop of generally subdued demand, according to figures from mortgage lender Nationwide. House prices rose 0.3 per cent in May after a 0.3 per cent drop the month before – a marginally bigger rise than [...]
Jump in adults priced out of flying the nest May 29, 2012 SOARING rents and large deposits are making it increasingly difficult for young people to buy a home, industry data showed yesterday. Figures from the Office for National Statistics (ONS) recorded a 20 per cent jump in the number of young adults living with their parents since 1997, while figures from Rightmove showed that 30 per [...]
Paragon profit rises on return of buy-to-let May 23, 2012 INCREASED popularity of buy-to-let mortgages powered lender Paragon to a 13.4 per cent rise in profit to £44.8m for the six months to March. Chief executive Nigel Terrington told City A.M. he is “delighted” that the profit growth was driven by improved revenues rather than cost-cutting. “For the first time since the credit crunch [the buy-to-let] balance sheet [...]
Mortgage loans plummet as tax break expires May 21, 2012 MORTGAGE lending plunged in April after the stamp duty holiday expired, industry data showed yesterday, while economists warned the underlying state of the housing market is weakening. Gross mortgage lending slumped from £12.6bn in March to £10.2bn in April – a 19 per cent fall to an 11-month low, according to data from the Council [...]
How to get on the housing ladder May 20, 2012 THERE is no doubt about it. It’s tough out there for first time buyers. But stricter lending criteria don’t necessarily mean it’s impossible to get on the housing ladder. However, you must know the basics so you can build your decision on strong foundations. DO THE MATHS Incentives matter. It was recently confirmed by the [...]
Like avian flu Eurozone contagion could be on us before we know it May 17, 2012 ON THURSDAY we finally saw what contagion could look like. After large deposit withdrawals from Greek lenders earlier this week, Spanish newspapers reported that one of Spain’s banks was facing similar problems, although it later denied this. Contagion was only meant to happen when Greece actually left – or was kicked out – of the [...]
Dutch bank ABN AMRO warns bad loans will continue to rise May 16, 2012 NATIONALISED Dutch lender ABN AMRO reported a 16 per cent drop in net profit to €454m (£363m), hit by a rise in losses on bad loans due to the ongoing recession in its home market. It was a significant improvement on the €23m loss seen in the fourth quarter of last year, when all banks [...]
Stamp duty deadline stimulates surge in March mortgage loans May 16, 2012 MORTGAGE lending soared throughout the housing market in March, industry data showed yesterday, as the stamp duty holiday fuelled an escalation in buying. First-time buyers were exempt from stamp duty on properties worth under £250,000 until the end of the month resulting in a 74 per cent monthly rise in the number of first time [...]
Ally Financial in bankruptcy filing May 14, 2012 Ally Financial’s mortgage unit yesterday filed for bankruptcy as the auto lender said it will sell some international operations to help it repay $12bn (£7bn) in bailout money. Ally’s mortgage unit, called ResCap, filed for bankruptcy protection in federal court in Manhattan.