UK housing marktet: Record low rates spur mortgage lending climb September 9, 2015 Record low borrowing costs and competition between banks led to a rise in mortgage lending from April to June, figures released by the Bank of England and Financial Conduct Authority showed yesterday. The total value of mortgages advanced was £52.5bn over the period, a 15.1 per cent jump on the same time last year. The [...]
China fears hit again to push FTSE back down – London Report August 27, 2015 DESPITE rallying from China-related fears on Tuesday, the UK’s top share index sank yesterday, ending up not far from its lowest closing levels since the end of 2012. Data showing an unexpected pick-up in UK retail sales and an increase in mortgage approvals offered encouraging signals on the domestic economy but failed to stem selling. [...]
Santander UK half-year profit almost doubles August 14, 2015 SPANISH banking giant Santander yesterday reported that UK half-year, pre-tax profit jumped to £929m from £545m in the period to June 2014. However, it warned of increasing competition in the British lending market as continuing low interest rates encouraged institutions to cut loan costs as they battle for customers. In a half-year report for its UK [...]
Don’t bank on a rise in interest rates to end poor returns for savers August 6, 2015 To no-one's surprise, the Bank of England’s rate-setting committee kept the base rate at 0.5 per cent yesterday. While anyone with a mortgage will have breathed a sigh of relief, savers will take the announcement as further confirmation that they’re unlikely to earn a decent return any time soon. But is the low base [...]
Bank of England mortgage lending figures show a rush to remortgage as interest rate hike comes closer July 30, 2015 The mortgage market is hotting up, according to new figures, as rock bottom rates and the prospect of an interest rate rise fuel extra home buying and remortgaging. Net lending secured on dwellings jumped to £2.6bn in June, from £2.4bn in May, the highest figure since July 2008, the Bank of England said today. The [...]
Interest rate rise by the Bank of England is the “greatest risk” to house prices July 24, 2015 House price growth for this year is on track to hit double-digit figures in a number of cities across Britain – providing the Bank of England doesn't hike interest rates anytime soon. House prices in the 20 cities monitored by Hometrack's cities house price index rose 6.3 per cent in the first half of 2015, and look set [...]
The Bank of England could – and should– have raised UK interest rates much sooner July 20, 2015 Heartening as it was to hear the governor of the Bank of England, Mark Carney, dropping hints last week about the raising of Bank Rate, serious doubts remain over the effectiveness of the low interest rate regime in reviving the economy. Moreover, the impression continues to be given that the delay in raising rates carries [...]
Why the Bank of England would be wrong to raise interest rates this year July 19, 2015 At a time when central banks all around the world are stimulating their economies through monetary and/or quantitative easing it's madness that the Bank of England is considering raising interest rates – and if anything the next move should probably be a cut to 0.25 per cent. The Bank of Canada cut rates last week citing a sluggish recovery [...]
Ex-MPC member Danny Blanchflower says rate rise would harm the UK July 17, 2015 Former Bank of England policymaker Danny Blanchflower has warned that an interest rate rise in the near future would harm the UK. Read more: Carney fuels speculation of 2015 interest rate hike "It may well be that the Fed [US Federal Reserve] is going to put off raising so it seems rather strange that Carney is [...]
US corporate results round up July 14, 2015 Yum Brands The owner of Pizza Hut and KFC reported its fourth straight quarter of falling sales as it struggles to recover from a food scandal in China, where the firm makes most of its profit. Shares in Yum Brands fell about one per cent to $91 in extended trading yesterday. The company’s sales in [...]