Autumn Statement 2015: George Osborne’s speech transcript in full including stamp duty, business rates and corporation tax announcements November 25, 2015 Mr Speaker, this Spending Review delivers on the commitment we made to the British people that we would put security first. To protect our economic security, by taking the difficult decisions to live within our means and bring down our debt. To protect our national security, by defending our country’s interests abroad and keeping our [...]
UK house prices: Mortgage lending up 26 per cent in October as lending recovery gains momentum – the British Bankers’ Association November 25, 2015 Mortgage borrowing was a giant 26 per cent higher in October than in the same month last year, according to figures released by the British Bankers Association. The amount loaned out reached £12.9bn, with the number of mortgages approved by lenders up 27 per cent on last year. Approvals for house purchase were up 21 per [...]
London house prices: Buy-to-let investors looking outside the capital for best value as Brewin Dolphin warns sector is a “disaster waiting to happen” November 24, 2015 A rising number of buy-to-let investors are trying to get their hands on cheaper properties outside of London and the South East, new figures reveal today. Meanwhile, one London investment manager has warned BTL is a "disaster waiting to happen" due to a lack of understanding on recent changes in the tax rules. Figures released by [...]
Nationwide continues run of good form as it reports pre-tax profits up a third November 20, 2015 Nationwide building society continues to benefit from a strong housing market and customers switching current accounts, posting pre-tax profits up by a third. The figures Pre-tax profits for the six months to 30 September rose by 34 per cent to £802m, up from £598 in the same period a year ago. There were more than [...]
HSBC: UK homeowners are losing £29bn a year by not remortgaging November 19, 2015 Brits are losing a massive £29bn by not remortgaging onto better deals, a leading lender has said. With mortgage rates currently hovering around record lows, HSBC has calculated that homeowners who have not remortgaged onto a lower fixed rate from their standard variable rate (SVR) are losing an average of £4,000 a year. The SVRs [...]
Buy-to-let is booming with more mortgage deals for landlords than ever but George Osborne’s tax changes will bite November 19, 2015 Buy to let is booming. Banks’ mortgage lending hit a post-crisis peak of £200bn last year so that “mortgage lending is currently enjoying its best spell since 2008,” says Bob Pannell of the Council of Mortgage Lenders (CML). Although mortgage lending figures remain well below their pre-crisis highs of £350bn in 2007, the number of [...]
Fintech Lookahead 2016: The disruptors you should be looking out for November 19, 2015 What can we expect to see from the fintech industry over the coming year? And what kinds of companies are leading the charge? In its 2015 Global Banking Annual Review, McKinsey said that “banks are under attack from new technology companies and others seeking to poach their customers. To date, banks’ losses to attackers have [...]
UK house prices will continue climbing, but don’t expect rates to be hiked as a result November 18, 2015 The housing market has always been key to the UK economy. People who move house often undertake home improvements, and strong demand (in theory) leads to more houses being built, both of which boost GDP. Given the major impact this can have on future interest rates, the UK housing market has traditionally been crucial for [...]
Taylor Wimpey’s share price rises as it says there is a healthy backdrop to UK housing market and reports sales rates up against last year November 16, 2015 Taylor Wimpey is optimistic about the UK housing market, even with the prospect of an interest rate rise next year. Today it said it expects to improve its operating profit margin in 2015. The figures Britain's second largest housebuilder said sales rates for the year to date are ahead of last year, at 0.76 sales per outlet per week. [...]
With over 85 per cent of Northern Rock assets back in private hands, has Britain now recovered from the financial crisis? November 15, 2015 James Butterfill, head of research & investment strategy at ETF Securities, says Yes. One key measure to ascertain if this is true is to look at the growth in household take home pay after inflation. After the initial crisis in 2009, take home pay fell and its growth stayed negative for most industry and government [...]