‘Shame on them’: Skipton Group boss slams banks for not passing on rate hikes to savers March 1, 2023 Skipton Group today criticised rival high street lenders for failing to pass on higher interest rates to savers. Britain’s banks have seen their income boosted by the Bank of England’s attempt to stave off inflation with a succession of ten straight interest rate hikes. The base rate now stands at four per cent – the [...]
House price growth plummets to lowest level in a decade as confidence and costs see off buyers March 1, 2023 House price growth has plummeted to its lowest in more than a decade as a cocktail of high borrowing costs, inflation and low confidence has deterred buyers. Properties dropped in value by -1.1 per cent year on year in February, according to Nationwide’s House Price Index, down from 1.1 per cent the previous month. This [...]
Santander shares soar five per cent as lender bets on Europe to boost pay-outs and ‘ambitious’ profit targets February 28, 2023 Santander plans to return half its profits to shareholders after announcing “ambitious” profitability targets for the next three years. The Spanish banking giant said it was betting on customer growth and higher interest rates in Europe to boost its revenue. Santander has previously relied on its Latin American presence to offset the tough conditions experienced [...]
We didn’t know it, but it was 2015 not 2008 that changed the housing market forever February 23, 2023 2015 was the year when the "demand and supply" argument in housing was won and lost. Supply won the argument, because in order to build more, we have to drive more affordability first, writes Giles Mackay
FTSE 100 close: Wall Street sell off spreads to London pushing premier index further away from 8,000 point mark February 22, 2023 London’s FTSE 100 was drawn into a sell off on Wall Street last night, pushing it further below the 8,000 point threshold today. The capital’s premier index fell 0.59 to 7,930.64 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, slid 0.82 per cent to [...]
Co-op front runner in race to buy Sainsbury’s Bank’s £650m loan book, according to reports February 21, 2023 The Co-operative Bank has tabled an offer for Sainsbury’s Bank’s £650m loan portfolio being, according to reports by Sky News. The Co-operative bank is among a number of parties understood to have tabled a bid for the supermarket bank’s loan book . An insider cited by Sky News said the Co-operative “appeared to be the [...]
Lloyds Bank profit poised to be held back by setting aside millions to cope with cost of living defaults February 20, 2023 A build up of reserves to cope with an expected jump in loan defaults and a slow down in the mortgage market is expected to have held back profits at Lloyds Bank last year, results out on Wednesday could show. Britain’s biggest mortgage lender is poised to be the latest bank to underwhelm markets in [...]
House prices rose just £14 last month as Bank of England rate hikes chill demand February 20, 2023 UK house prices rose by just £14 last month indicating possible buyers are turning their noses up at sellers slapping huge tickets on their homes, new figures out today reveal. The average asking price for a home in the UK came in at £362,452, making last month’s increase the smallest between January and February since [...]
Week ahead: UK January borrowing bill to hit £5bn to pay for cost of living support, experts predict February 19, 2023 Britain is expected to have borrowed around £5bn last month, largely to pay for household energy support, new figures out from the Office for National Statistics (ONS) this week are poised to show. The difference between what the government spends and takes in tax revenue – the deficit – is likely to have been kept [...]
Up and Atom: How the Durham-based digital bank is taking on the high street stalwarts February 16, 2023 Lending, according to Atom Bank boss Mark Mullen, is back in vogue. While it’s a view that might run counter to some of the political disquiet towards Britain’s big high street lenders, for Durham-based digital lender Atom, it’s hard to argue with. The firm has tempted in hordes of customers this year and is on [...]