Mortgage approvals fall on introduction of tighter lending rules June 24, 2014 Mortgage approval rates showed an overall drop in the month of May, according to new data. Figures from the British Bankers' Association show that the combined figure of loans for purchase, for remortgage and other secured lending, was down both on last month and on May of last year. The fall is a relatively small [...]
Tight mortgage rules slow down lending growth June 23, 2014 TOUGH new affordability checks have knocked mortgage lending, Bank of England data showed yesterday. Lending is still growing, but at a slightly slower pace after the mortgage market review (MMR) rules came into force in April. The number of banks reporting rising demand for prime mortgages outweighed those reporting a fall by a margin of 27.5 [...]
CNBC Comment: Questions for Carney: One year on June 23, 2014 BETTER a lucky governor than one that’s always right. At least, that’s what Mark Carney will be hoping for as he faces MPs today – almost a year to the day since he took over at the Bank of England. After all, the Treasury Select Committee could find plenty of things to quiz Carney about. [...]
London Report: Economic data to confirm rapid growth this year June 23, 2014 FIGURES released this week are expected to confirm that the economy grew at the fastest rate in nearly four years in the first quarter of 2014. Office for National Statistics (ONS) data, due out on Friday, will give the third estimate of output, and is expected to increase its original 0.8 per cent reading for [...]
Surge in profits for Berkeley as housing booms June 18, 2014 HOUSE builder Berkeley’s pre-tax profits rocketed upwards in the year to the end of April, soaring by 40 per cent as the housing market rapidly picked up strength. Profit after tax rose by £83.2m, a boost of 39.7 per cent on the prior year, bringing the total for the year to £292.9m, and earnings per [...]
House bills to rise with rates June 17, 2014 A LARGER interest rate hike than is currently expected would add thousands of pounds to UK mortgage holders’ bills, according to a warning from Legal & General. The financial services firm said yesterday that for the average property, a three per cent increase in interest rates would add £163.38 to a mortgage bill – the [...]
London Report: FTSE falls on BT pension fears and builders June 16, 2014 BRITAIN’S top share index slipped yesterday as concerns about a large increase in its pension deficit hit BT Group, while housebuilders extended their recent sell-off on prospects of a UK rate hike. BT fell 2.4 per cent, one of the biggest drags on the FTSE 100. Traders cited a Sunday Times report which said that [...]
Interest rates are going up – and mortgages will become harder to get June 12, 2014 It's official: money is about to become more expensive. Mark Carney warned yesterday that rates could rise more quickly than the markets were predicting. The implication is that the base rate could increase later this year, rather than in the second quarter of next year; this is a major shift for the Bank of England [...]
Bank’s new deputy governor to lead crackdown on benchmarks June 11, 2014 A SWATHE of new rules over forex, commodities and interest rate benchmarks will be decided by incoming Bank of England deputy governor Minouche Shafik – before she even officially takes up the role. George Osborne will tonight give her and City watchdog chief Martin Wheatley control of a new body overseeing the regulation of the [...]
Bank staffer Ben Broadbent: Housing market is greatest threat to UK outlook June 11, 2014 Fear housing market risks, not bond market bubbles, says Bank of England staffer Ben Broadbent. When quizzed by MPs on the potential for emerging bubbles in the UK economy, his words clashed with those of Andy Haldane, now the Bank's chief economist. He disagreed with Haldane's claim that the central bank has "intentionally blown the [...]