Nationwide profits fall as technology investment cuts into bottom line November 22, 2018 Profits fell by a fifth at Nationwide in its half-year results today, with the building society’s technology investment weighing down earnings. The figures Profit before tax tumbled 17.8 per cent to £516m for the six months to the end of September, compared to the same period in 2017, as it took a £135m charge for asset [...]
How Brexit could help mortgage prisoners break free November 22, 2018 In the years leading up to the 2008 financial crisis, lenders were dishing out large mortgages and asking for tiny deposits in return. Property values were rapidly outpacing wage growth, and buyers were being allowed to borrow eight times their annual salary. For many homeowners, the problems started after the crash when the regulators forced [...]
Banks should watch out – the fintech era has barely begun November 20, 2018 The fintech sector makes a lot of noise in London. There’s an endless stream of news about open banking and challenger banks, while the traditional finance sector watches on with a mixture of admiration and suspicion. Banks have come under attack, not only from the hype-machine, but more meaningfully from startups. Traditional finance providers that assumed [...]
Mortgage approvals up for first-time buyers as market moves away from large deposits November 15, 2018 The market share of first-time buyers and small deposit borrowers increased in October as young buyers take advantage of low rates and slowing house price growth. A total of 67,011 mortgages were approved last month, an increase of 2.7 per cent since September and 3.5 per cent above levels in the same month last year. [...]
London house prices: Homes in the capital lose value despite the UK’s resilient property market November 14, 2018 London house prices fell 0.3 per cent in the year to September, according to Office for National Statistics (ONS) data released today. Growth in the capital lagged far behind the UK-wide average, which was 3.5 per cent, a small increase from 3.1 per cent last month. The growth puts the average house price across the country [...]
Taylor Wimpey confident it can beat market uncertainty as low interest rates boost house buyers November 13, 2018 Housebuilder Taylor Wimpey today said it is on track to weather political uncertainty to deliver on guidance thanks to low interest rates and the government's Help to Buy scheme. Sales rates for the year to date were 0.81 per outlet per week in the second half of 2018, unchanged from last year, though cancellation rates were up [...]
First time buyer mortgage approvals dropped in September November 13, 2018 The number of new first-time buyer mortgages dropped by 4.5 per cent in September, driven by a slump in consumer demand due to affordability constraints in London and the south east. New home mover mortgages fell by 8.6 per cent compared to last year, with a decline in value of 5.8 per cent year-on-year, according [...]
London house prices set to slide as caution lingers in the UK property market November 8, 2018 Fears of flat activity in London’s housing market were underlined by a new closely-followed survey this morning, which suggested property prices will continue to sink as buyer caution looms over the capital. According to data released today from the Royal Institution of Chartered Surveyors, 41 per cent more respondents have predicted a further fall rather [...]
UK house price growth slows to weakest rate in five years November 7, 2018 House prices slumped to their lowest rate of growth in more than five years last month, as sales remained flat in the latest sign of subdued activity within the UK property market. Prices in the three months to October were 1.5 per cent higher than in the same three months a year earlier, marking a drop from 2.5 [...]
‘Big Short’ investor who foresaw 2008 crash warns against ‘Trotskyite’ Corbyn government November 4, 2018 A US investor who predicted the financial crash has said he could be impelled to short up to 50 UK firms if "Trotskyite" Jeremy Corbyn becomes Prime Minister. Steve Eisman, who is the subject of Oscar-winning film The Big Short, said the UK was one of the biggest risks he was watching as it negotiates its [...]