UK house prices: Brexit clouds lift, but coronavirus threat looms March 6, 2020 UK house prices rose 2.8 per cent in February compared to the same month last year, Halifax data showed today. Homes’ values increased 0.3 per cent month on month and 2.9 per cent on a quarterly basis, Halifax’s House Price Index found. That left the average UK house price at £240,677 in February. But while [...]
Co-op Bank losses deepen amid tougher mortgage competition February 27, 2020 The Co-operative Bank has reported an increased pre-tax loss for 2019, as the high street lender struggled with tough mortgage competition and PPI compensation payouts. The figures Co-op Bank posted a loss before tax of £152.1m for 2019, an eight per cent rise on the £140.7m recorded the previous year. It said that its underlying [...]
PPI, profit drop, and a mixed 2020: Five takeaways from Lloyds’ results February 20, 2020 Lloyds reported a 26 per cent drop in annual profit on Thursday, with Britain’s largest domestic lender hit by a rise in bad debts and billions of pounds of customer compensation payout. Chief executive Antonio Horta-Osorio said the results demonstrated a “solid financial performance in a challenging external market”, but analysts have described them as [...]
UK house prices leap 4.1 per cent in bumper January – Halifax February 7, 2020 UK house prices jumped 4.1 per cent in January on an annual basis to come close to a two-year high, fresh figures from Halifax showed today. Homes rose 0.4 per cent in value compared to December, and climbed 2.3 per cent on a quarterly basis, Halifax’s house price index revealed. Russell Galley, managing director of [...]
TSB recovers from IT meltdown to return a profit January 30, 2020 TSB returned a profit and a healthy balance sheet in 2019 after it stemmed losses from its failed IT migration. The bank reported that profit before tax for the year to 31 December 2019 was £46m, compared to a pre-tax loss of £105.4m in 2018. It said it was “primarily driven by the non-recurring effect [...]
Virgin Money boosts consumer loan book in ‘difficult market’ January 28, 2020 The UK’s sixth-largest lender Virgin Money oversaw a solid expansion of its personal and business loan book in the three months to December despite a “difficult market”, it announced today in a trading update. Virgin Money – which was bought by CYBG for £1.7bn in 2018 – also confirmed the worst is over in terms [...]
Til divorce do us part: advice for couples considering separation January 16, 2020 Christmas is meant to be a relaxing time, but for many people it’s also a period of stress, tension, and tribulations — especially for married couples. The financial burden of the holidays plus the pressure to have a “perfect Christmas” and the familiar strain of dealing with in-laws can lead to squabbles and even full-blown [...]
Co-op owners sound out potential buyers December 18, 2019 The hedge fund owners of the Co-op Bank are reportedly on the hunt for potential buyers. Two-and-a-half years after the lender was rescued from collapse, the US investors which took control of the Co-op have started holding talks with possible bidders, according to Sky News. The broadcaster cited sources as saying that several British retail [...]
Outlook 2020: Global economy December 16, 2019 The global economy should perform better in 2020, underpinned by a US-China trade truce and lower interest rates, Schroders’ chief economist Keith Wade explains. We recently upgraded our 2020 global growth forecast to 2.6 per cent, due to prospects of a “phase one” US-China trade deal and lower US interest rates US interest rate cuts [...]
UK stocks and sterling surge after Conservative election win shuts out Labour December 13, 2019 UK stocks surged today after the Conservatives secured a decisive majority in the General Election, boosted by rallying retailers, housebuilders and utility firms. The FTSE 100 index climbed over one per cent in morning trading, but was held back slightly by a strong sterling, while the FTSE 250, however, leapt as much as four per [...]