Barratt warns of tough times despite profit rise September 8, 2010 Housebuilder Barratt Developments said wider economic fears and the lack of mortgage finance meant the market for new housing was still challenging as it reported a jump in profits. House prices fell much faster than expected last month, according to a monthly survey from mortgage lender Nationwide, stoking concerns that the country could be headed [...]
Surveys cast shadow over house pricesa September 2, 2010 HOUSE prices fell much faster than expected last month and construction activity slowed, industry surveys showed yesterday, reinforcing concerns that economic growth will fall off sharply. The strongest quarterly construction growth for decades pushed British economic growth to a nine-year high of 1.2 per cent in the second quarter, but the Markit/CIPS purchasing managers’ index [...]
FSA fines and censures two mortgage brokers for fraud August 31, 2010 THE FINANCIAL Services Authority (FSA) has banned one mortgage broker and fined another for committing “reckless business practices”, which it said led to false and misleading mortgage applications made to lenders. Ngozika Louise Ogboru, who ran Harrow based JN Finance UK, has been banned by the financial watchdog after it found that advisers at her [...]
Brazil government boosts bank August 31, 2010 Brazil’s federal government yesterday injected 1.4bn reais (£523m) into the capital base of state-controlled development bank BNDES, which is poised to lend a record amount this year. The government will cede shares in state-controlled electricity utility Eletrobras to Rio de Janeiro-based BNDES as part of the plan, according to a post in the official government [...]
Irish Life shares up as losses shrink August 31, 2010 Irish Life & Permanent shrank first-half losses, defying expectations for a bigger shortfall, and said it expected Irish mortgage arrears to peak this year, sending its shares up 12 per cent at one point. Irish Life’s stock was the only bright spot on the country’s financial index on as investors were prepared for yet more [...]
House prices fall further as demand dips August 30, 2010 BRITISH house prices suffered their biggest fall since April 2009 this month, declining by 0.3 per cent, property data company Hometrack said yesterday in its monthly survey of estate agents and surveyors. August is traditionally a weak month for British house prices, with many buyers on holiday, and Hometrack’s data are not seasonally adjusted. Nonetheless [...]
SELLING August 26, 2010 MANAGING DIRECTOR, PROPERTY HUNT Q.Dear Russell, with property prices projected to fall and interest rates forecast to rise, should I buy? A.As with anything to do with property, it is all about timing. The latest surveys – whether they are from the major lenders, the high-street banks or the online property portals –are all pointing [...]
China Construction Bank boosts profit but growth slows August 22, 2010 PROFITS at China Construction Bank (CCB) rose by a fifth in the second quarter as the world’s second-biggest lender by market value seeks to raise 75bn yuan (£7.1bn) to fuel growth. Profit growth at CCB, China’s biggest lender to home buyers and construction projects, beat market expectations, but slowed from a rise of more than a [...]
WHAT THE OTHER PAPERS SAY THIS MORNING August 19, 2010 FINANCIAL TIMES ACCOUNTING ISSUES MAR CONNAUGHT SELL OFF PLANS Accountancy issues at Connaught are expected to have affected more than just the beleaguered property service group’s social housing maintenance division, according to people familiar with the matter. The development may affect the ability of Connaught to sell off parts of its business, which is one [...]
Bank lending to UK businesses remains weak August 19, 2010 NET lending to British businesses fell for the fourth month in a row in June while mortgage approvals slumped to their lowest level in over a year last month, figures from the Bank of England showed yesterday. In its Trends in Lending report, the central bank showed that the net monthly flow of lending to [...]