Surge in mortgage approvals has no impact on house prices ahead of stamp duty surcharge – but the proportion of people renting rises again March 3, 2016 The impending stamp duty surcharge is distorting the housing market, with a "sharp" increase in the number of mortgage approvals in the first month of the year – the highest number since January 2014. But despite this, there has been just a slight uptick in house price growth, according to Nationwide, up 0.3 per cent in February [...]
Metro Bank investor interest deadline looms, as bank prepares for unconventional stock market float March 2, 2016 UK challenger Metro Bank is gearing up for its unconventional stock market float next week, looking to raise £400m from mostly institutional investors. On Monday Metro will have a so-called introduction to the market, meaning it will float without a public sale. In February Metro Bank cut the offer price in its fundraising round from £24 to £20 a share [...]
UK house prices are going to keep going up – Standard and Poor’s March 2, 2016 The UK's rapid house price growth will not end anytime soon, a major ratings agency said today. "Conditions for ongoing robust gains of UK residential property prices remain intact," Standard and Poor's said in a new report. Low mortgage rates and record high employment are fuelling demand, the report said. It added that "the search for yields in a [...]
UK house prices: Stamp duty changes should be linked to carbon emissions – Think tank PolicyExchange March 2, 2016 A leading think tank has called for homebuyers who choose properties that perform poorly on energy efficiency to pay more stamp duty. Under the proposal by London-based Policy Exchange, a £220,000 house with a poor energy efficiency rating would see stamp duty rise 30 per cent from £1,900 to £2,470. However, those buying an energy efficient home of the same value [...]
Virgin Money’s share price soars as challenger bank confirms dividend after profits jump 53 pc March 2, 2016 Virgin Money's share price leaped eight per cent this morning after posting strong figures for its first full year as a public company, with profits soaring as customer numbers climb. The figures The challenger bank said underlying profit before tax was up 53 per cent to £160.3m for the calendar year, while net margins rose to 165 [...]
London house prices: South East and commuter areas dominate list of Britain’s best rural places to live March 1, 2016 London’s commuter areas have dominated a new list of the top 50 rural places to live in Britain. South Oxfordshire was the top local authority district to live in, according to the Halifax Rural Quality of Life Survey. Chiltern and Waverley, both within the commuter belt, helped make up the top four along with Rutland [...]
Consumer borrowing growth hits decade-high February 29, 2016 Borrowing on credit cards and through overdrafts is growing at its fastest rate since January 2006, data published today by the Bank of England reveals. The stock of consumer credit reached £179.5bn in January, up 9.1 per cent on the same month last year. Total credit growth in the UK is now at its highest [...]
House purchase approvals hit two-year high as buy to let investors rush to beat April’s stamp duty change February 29, 2016 Mortgage lending picked up in January as buy to let investors rush to buy properties before a hike in stamp duty in April. Net mortgage lending rose to £3.7bn in January from £3.2bn in December, according to figures published by the Bank of England this morning. There were 128,709 mortgages approved. Approvals for house purchase, as opposed to [...]
With mortgage rates heading towards 1 per cent, should we be worried about a bubble in the market? February 29, 2016 Scott Corfe, director at the Centre for Business and Economic Research, says Yes. Most of the house price growth seen in the UK over the past couple of years has been fundamentals-driven. Supply of new homes simply hasn’t caught up with demand. However, one does wonder if we are now veering into bubble territory – particularly [...]
Surprise: Dollar rises against the euro as US growth is revised upwards for the fourth quarter of 2015 February 26, 2016 The dollar rose this afternoon after US growth was unexpectedly revised upwards for the fourth quarter of last year – despite worries about global growth. GDP growth hit one per cent in the final three months of the year, figures from the US Commerce Department showed today, up from the 0.7 per cent initial estimate. That pushed [...]