Leeds Building Society’s profits headed north for the fourth year in a row, but boss warns low interest rates and Brexit could make the road ahead tough February 22, 2017 Leeds Building Society announced today its annual profits before tax had risen for the fourth year in a row, but the lender's boss warned super low interest rates could lead to tough times ahead. The figures The building society revealed profits before tax of £116.6m, up 7.5 per cent compared with £108.5m the year before. However, [...]
Mongolia agrees terms for $5.5bn IMF-backed loan February 19, 2017 The IMF and its partners have come to an agreement to provide Mongolia with an economic stabilisation package worth $5.5bn (£4.43bn). Rapid growth in Mongolia’s commodities sector had resulted in a fast pace of economic growth, reaching double digit figures between 2011-2013. A sharp decline in commodity prices, plus a fall in foreign direct investment, [...]
Property Legal Q&A: I own a flat that has 87 years left to run on the lease. Should I extend the lease? February 18, 2017 A: A longer lease has the advantage of being both more mortgageable and more attractive in the market. A leasehold flat whose term has significantly reduced (say to below 50 years) is a wasting asset, and extending its lease term is essential to preserve the value. The Government in the recent Housing White Paper states [...]
Britons spend £19,000 every year on bills February 17, 2017 British families spend almost three-quarters of an average wage on bills and accommodation, according to a new study. The average family in the UK spends £19,142.37 on the basics for a fully functioning home, including mortgages or rent, insurance, gas, and electricity, according to a study by Powershop UK. Utility bills on average comprised £520 [...]
Low interest rates knock Credit Agricole’s quarterly profits, but numbers beat expectations February 15, 2017 Credit Agricole became the latest European bank to report a slump in its profits this morning, as low interest rates continued to put pressure on its bottom line. The figures The French lender reported full-year net income of €3.5bn (£3bn), largely flat on the year before – although the fourth-quarter figure was €291m down 67 per cent from €882m. These [...]
RBS on track for ninth straight year of losses, as struggling bank pressed to close branches and cut jobs in digital push February 12, 2017 Royal Bank of Scotland looks set to announce a multi-billion pound loss for 2016, its ninth straight year wallowing in the red, while it is also being pushed to cut branches as customers flee to digital banking. The 73 per cent state owned bank, which will reveal its annual results on 24 February, racked up losses attributable [...]
Here’s how much you need to save each month if you want to buy a home in London in the next four years February 2, 2017 If you're a first-time buyer in London hoping to get yourself somewhere to call home in the next four years, look away now – for a new study has suggested the average first-time buyer should be saving £2,300 each month if they want to buy a house in the capital by 2021. Yikes. The National Housing [...]
Mortgage lending hit a nine-month high in December January 26, 2017 Mortgage approvals hit a nine-month high in December, and overall in 2016, gross mortgage lending increased 12 per cent. Figures from the British Bankers Association show that gross mortgage borrowing increased by 3.6 per cent year-on-year in December, reaching £12.6bn, with remortgaging approvals jumping 30 per cent to their highest level since October 2008. Read more: Restaurateur [...]
Taylor Wimpey lays strong foundation ahead of bumpy year with earnings at the upper end of expectations January 11, 2017 Taylor Wimpey says it expects full-year profits at the “upper end of market consensus”, as the housebuilder remains confident of its ability to continue dividend payments – although its order book for 2017 weakened from last year. The figures Earnings are expected at the top end of the £706.4m to £755m range Taylor Wimpey has [...]
The average rent in London has reached a record high December 30, 2016 The government may have spent the last few years doing everything in its power to reduce the number of people buying second homes – but that hasn't hurt the capital's rental prices, after new research suggested rents in London reached a record high in November. The Your Move rental index showed average rents in the capital [...]