Mortgage lending up by 29 per cent in June as political uncertainty ends July 16, 2015 The amount of money lent to UK home buyers in June showed a significant rise compared to May as political uncertainties waned, according to new figures Read more: UK house price growth slows to lowest rate in over a year Gross mortgage lending rose 29 per cent compared with May, climbing to an estimated £20.5bn, according [...]
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 [...]
Ignore the rhetoric: George Osborne’s July Budget was a retreat from market liberalism July 13, 2015 George Osborne’s desired message was clear. He claimed last week’s Budget was a new settlement for a “higher wage, lower tax, lower welfare country”. The Tory media duly reported it as such. But political rhetoric often doesn’t match reality. Osborne’s Budget fails on his own terms, and marks a retreat from the market-based consensus of [...]
BoE says mortgage demand rose “significantly” in the second quarter July 13, 2015 The Bank of England's credit conditions survey, released today, has shown mortgage demand rose "significantly" in the second quarter, having fallen in the three previous quarters, and is set to rise again in the third quarter. The survey also showed demand for loans to big and small companies increased in the three months to mid-June [...]
David Cameron’s housing construction shake-up fails to build market confidence: Experts disagree residential planning overhaul is game changer July 12, 2015 Housing developers had a bit of a rollercoaster ride last week. First the Budget rocked shares, with changes to tax relief on buy-to-let mortgages – and then, on Friday, the government unexpectedly put house building at the centre of its plan to boost the UK’s productivity. With the cost of a home jumping by 45 [...]
Three years after it was introduced, is it now time to end the Funding for Lending Scheme? July 12, 2015 Philip Booth, a professor at St Mary’s University, Twickenham, and editorial and programme director at the Institute of Economic Affairs, says Yes. The Funding for Lending Scheme (FLS) should never have been started. Initially, it could have been justified on the ground that the market was desperate for credit. But what has been its effect? [...]
New Zealand, Turkey and Australia: The countries where your pension pot will go furthest July 10, 2015 Thinking of retiring abroad? New pension freedoms mean Britons can (theoretically) transfer larger amounts of cash abroad than ever before – but what does that mean for those in the market for a home somewhere balmier? New research by foreign currency and international transfer currency Fairfx suggests those looking to move abroad should look to [...]
July Budget 2015 at a glance: From a new tax-free dividend allowance to the raid on buy-to-let landlords and new inheritance tax rules July 8, 2015 The chancellor outlined £12bn of welfare cuts, introduced new inheritance tax rules & vowed to crack down on tax avoidance. UK ECONOMIC OUTLOOK ● The UK is expected to be the fastest-growing advanced economy again this year. The Office for Budget Responsibility (OBR) expects the economy to grow by 2.4 per cent in [...]
House supply shortage lifts prices in June July 8, 2015 HOUSE prices climbed faster than incomes last month as demand outstripped supply. The average stock of houses per housing surveyor has fallen to its lowest since 1978, the Royal Institution of Chartered Surveyors’ (RICS) said today. The decline in homes per survey reflects a lack of supply coming to the market. Surveyors’ price growth expectations [...]
July Budget 2015: Buy-to-let tax relief cut hits housebuilders as Foxtons, Barratt, Crest Nicholson and Berkeley Group share prices slide July 8, 2015 Shares in housebuilders and estate agents slid yesterday as the chancellor announced plans to curb the booming buy-to-let sector by cutting tax relief. While homeowners had mortgage interest relief withdrawn 15 years ago, buy-to-let landlords have continued to reap the benefits, with the wealthiest able to reclaim 45p of every £1 they pay in [...]