More credit for small UK businesses but housing market slump continues January 6, 2011 BANKS are increasing their lending to small businesses and expect to raise the availability of credit in the coming months, a Bank of England report revealed yesterday. Yet demand for mortgages is low and expected to keep falling, according to the credit conditions survey. And fears over falling house prices are preventing some lenders from [...]
Lenders expect stable credit conditions January 6, 2011 Lenders expect credit conditions to remain broadly steady in the first quarter of 2011 but are bracing for a further drop in mortgage demand and slightly higher losses from mortgage defaults, a survey by the Bank of England showed. The central bank’s quarterly credit conditions survey highlights the continued reluctance among banks to extend credit [...]
The City is back but under new management December 21, 2010 BRITAIN’S financial landscape has been transformed since we last shone a light on the City’s most powerful figures two years ago. The City A.M./CityJet Power Hundred 2011 list ranks the most influential figures in UK finance as we head into the new year. It should be no surprise that it is very different from 2009. [...]
FSA probes Swift mortgage firm December 20, 2010 MORTGAGE company Swift Advances has been under investigation by City watchdog the FSA since July 2009, the firm revealed in recent accounts. The public company said the group is likely to incur £9.4m of costs linked to the probe into its handling of mortgage arrears and lending practices, including a potential fine. The Office of [...]
Mortgage lending slumps to lowest point for a decade December 20, 2010 MORTGAGE lending has sunk to its lowest level since 2000 for five consecutive months, it was revealed yesterday. In November lending dropped by five per cent to £11.1bn compared to the previous month, according to the Council of Mortgage Lenders (CML). A huge 10 per cent drop from last year’s November figures is partly accounted [...]
UK has fewer empty homes December 19, 2010 THE number of English homes left standing empty for six months or longer dropped for the first time in three years last year, in a sign that a stagnant housing market and high rental demand is pushing up occupancy levels. The number of long-term empty private houses dropped by more than 20,000, or six per [...]
Concern over public sector debt reduces December 16, 2010 WORRIES over the effect of government debts on the financial sector have plummeted since May, according to a survey conducted by the Bank of England. In May 69 per cent of respondents listed public debt and sovereign risk as “key risks to the UK financial system,” it was revealed today. But by October the number [...]
WHAT THE OTHER PAPERS SAY THIS MORNING December 15, 2010 FINANCIAL TIMES SIENNA MILLER CLAIMS REIGNITE HACKING ROW Lawyers representing the actress Sienna Miller have alleged that a senior executive at the News of the World ordered a private detective to hack into her mobile phone voicemail account, reigniting a controversy over journalistic practices at the tabloid Sunday newspaper. GOLDMAN’S SZE TO LEAVE FOR HEDGE [...]
WHAT THE OTHER PAPERS SAY THIS MORNING December 14, 2010 FINANCIAL TIMES INVESTOR IRE OVER SIG CHIEF’S PAY Investec Asset Management has hit out at the board of SIG for ignoring investor outcry about the amount its chief executive is being paid. Investec, which owns 3.3 per cent of the Sheffield-based insulation and plasterboard maker, has written a letter to SIG to protest against a [...]
Homeowners relaxed about negative equity December 14, 2010 IN the latest YouGov SixthSense Mortgages Report, mortgage holders were asked to estimate the current value of their household and cost of their mortgage. Ninety-one per cent who were able to give these figures were in positive equity with nearly one in ten recording a no equity or negative equity score. This data is in [...]