Paragon Banking Group reports record full year profits on lending surge December 7, 2021 Challenger bank Paragon Banking Group has reported “outstanding” full year performance as lending volumes across the business swelled above pre-pandemic levels. “We have delivered an outstanding performance in 2021, which is testament to the strength of our operating model, the quality of our customer base and the capability and adaptability of our people,” chief executive [...]
Warnings housing market may ‘enter bubble territory’ if lending checks eased December 6, 2021 The Bank of England is readying itself to relax mortgage lending rules despite fears it will trigger a housing bubble, it has been reported. The Telegraph reported that policymakers are looking at relaxing affordability checks for borrowers. The rule changes are being mulled amid a review of market restrictions this will finish shortly. Officials are [...]
Red hot property market makes Brits the richest they have ever been December 2, 2021 A booming property market triggered by a tax holiday and Brits demanding larger homes has made the UK the richest it has ever been. Household wealth in Britain swelled 8.4 per cent over the last year to £11.2 trillion, the highest it has ever been since the Office for National Statistics (ONS) started tracking the [...]
Over half of Brits in the dark over their credit score December 2, 2021 A survey has revealed that 51 per cent of Brits do not know their credit score even though many are aware of its importance.
House prices jump 10 per cent in a year amid buoyant market December 1, 2021 House prices are 10 per cent higher than they were last November, and grew 0.9 per cent compared to October, according to an index.
Mortgage approvals drop dramatically as market hits ‘tipping point’ after stamp duty holiday November 29, 2021 Mortgage approvals for house purchase dropped sharply after the end of the stamp duty holiday, the Bank of England said. Mortgage approvals for house purchase dropped down to 67,200 in October from 71,900 in September, close to the 12-month average up to February 2020 of 66,700. However, approvals in October remained above the pre-Covid averages [...]
First time buyers face significant barriers as earnings lag behind soaring house price growth November 25, 2021 First time buyers are facing significant hurdles to raising a deposit as they come up against high prices relative to average earnings. House price growth has surpassed earnings growth over the past year and the ratio of house prices to earrings has hit a record high, the Nationwide House Price Index set out. A 20 [...]
September house prices show ‘last of stamp duty sizzle’ November 17, 2021 UK house prices leapt in the year to September in the run up to the final stamp duty holiday deadline, government figures show. HMRC’s latest house price index shows that house prices climbed 2.5 per cent in September and 11.8 per cent annually. The average price of a property in the UK was £269,945, hitting [...]
City watchdog gives banks reprieve on LIBOR contracts November 16, 2021 The City watchdog will allow banks and other financial institutions to use a watered down version of a much-lamented interest rate benchmark for existing contracts. Banks will be able to apply the LIBOR benchmark on existing pound and yen denominated contracts which have not been restructured on to a new rate until the end of [...]
‘Middle-class stampede’ for equity release as wealthy homeowners flock to lifetime mortgages November 12, 2021 The average property value of a lifetime mortgage customer has passed the half a million pound mark for the first time as the industry continues to make waves with financial advisers and wealthier customers, according to new data shared with City A.M. today. The steep rise in property prices over the past year cannot entirely [...]