Low interest rates and less tax to fuel home demand January 27, 2015 The mortgage market saw a slowdown at the end of 2014 but is expected to stage a rebound this year. The number of house purchase approvals was nine per cent higher in 2014 compared to 2013, according to figures released yesterday by the British Bankers’ Association (BBA). However, the value of mortgages for house purchase [...]
After the economy lost momentum in the fourth quarter of 2014, should the UK fear a slowdown? January 27, 2015 Nancy Curtin, chief investment officer of Close Brothers Asset Management, says Yes The figures for the fourth quarter point to UK growth losing pace, and we are likely to see this continue into the first half of 2015. Economic growth remains too imbalanced. While improved consumer spending is supporting a buoyant services sector, production and construction [...]
Mortgage lending drops again – but BBA sees light at the end of the tunnel January 27, 2015 Mortgage lending in the UK fell in December for the six month in a row, with gross borrowing levels 12 per cent lower than they were a year ago. Figures published by the British Bankers Association this morning show that the total figure for mortgages stood at £10bn last month. House purchase approvals dropped [...]
Standard & Poor’s partially suspended and fined £53m over “fraudulent misconduct” for mortgage-backed securities ratings January 21, 2015 Standard & Poor's has been fined nearly $80m (£53m) and suspended from rating certain kinds of mortgage-backed securities by the Securities and Exchange Commission to settle a case of “fraudulent misconduct”. In the first case of its kind, S&P has paid the SEC a $58m settlement. In addition it has paid out $19m to [...]
Barack Obama’s State of the Union address: “The shadow of crisis has passed” January 21, 2015 It was a triumphant moment for Barack Obama last night, when he stood up to tell his country "the shadow of crisis has passed". His closely-watched State of the Union address followed months of strong growth in the US economy – in stark contrast to its neighbours across the Atlantic. In a speech firmly designed [...]
Swiss franc crisis: Swiss go nuts for central London property as “safe haven effect” takes hold January 16, 2015 A fund which invests in central London property has reported an upsurge in the number of Swiss clients making enquiries. The London Central Portfolio (LCP), a residential fund and asset manager, said there had been a jump in the number of enquiries from Swiss-based investors looking to move their money into London real estate in [...]
When a currency ceiling’s broken January 15, 2015 The Swiss policy U-turn spooked markets – Chris Papadopoullos explains the change WHAT is an exchange rate cap? Foreign currencies can be bought or sold and have a price just like any other good such as a loaf of bread or a newspaper. The exchange rate can be thought of as the price of one [...]
London house prices to drop as surveyors see slowdown January 14, 2015 SURVEYORS are predicting a fall in London house prices in 2015, new survey data shows today. Surveyors in London are anticipating a decline in prices of two to five per cent, according to the Royal Institution of Chartered Surveyors (RICS). The price falls are expected to go along with a five to 10 per cent [...]
More money in your pocket: Tumbling oil prices, £1 a litre petrol, supermarket price wars and mortgage provider competition January 12, 2015 Britons should be able to loosen their purse strings further this year, with tumbling oil prices, a supermarket price war and intense competition between mortgage providers forcing down the average cost of living. Supermarket chains Morrisons and Sainsbury’s – which together operate over 600 petrol stations – will both cut the price of unleaded petrol [...]
Taylor Wimpey confident on 2015 housing market outlook January 12, 2015 HOUSEBUILDING company Taylor Wimpey has said it is encouraged by more balanced market conditions with a lower rate of price growth. The firm enters 2015 with a record order book of £1.4bn, up by 12 per cent last year. The order book represents 6,601 homes. In 2014 the company built 12,454 homes – an increase [...]