Mixed messages on interest rates from Bank of England prompt criticism July 23, 2014 City economists clashed with Mark Carney yesterday, challenging the Bank of England governor’s insistence that “clear guidance” is being provided on when interest rates will finally begin to rise. The latest monetary policy committee (MPC) minutes yesterday showed another unanimous decision to hold bank rate at 0.5 per cent, even as Carney told a Glasgow [...]
Interest rate hikes risk a household debt tragedy if we don’t act now July 23, 2014 Beware the economist bearing forecasts. The only thing that’s ever certain about economic predictions is that they’ll turn out to be wrong. But this one’s nailed on: interest rates are going to rise. Hardly the riskiest punt – the current emergency base rate of 0.5 per cent can’t be sustained forever and, as yesterday’s Monetary [...]
Nationwide sets mortgage cap and tough new stress test for home buyers July 22, 2014 Nationwide has announced it is capping all new mortgages at 4.75 times the income of the borrower, and setting a tough new stress test to ward off concerns over interest rate rises. The bank will impose a new 6.99 per cent stress test, an increase on the existing rate, although a spokesperson would not reveal [...]
London house prices up £43,115 in six months as market soars July 22, 2014 The price of an average house in London has risen by £43,115 in the first six months of this year alone, according to astonishing figures from Zoopla, more than the annual salary of an average electrical engineer. By the property website’s reckoning, average property prices in London have risen 8.2 per cent between January and [...]
UK house prices fall for first time in 2014 July 21, 2014 House prices across the UK have fallen for the first time this year, according to the Rightmove House Price Index. It showed that the average advertised cost for a home fell from £272,275 in June to £270,159 in July, marking a 0.8 per cent decrease. This meant that, while the growth rate was [...]
Save money on your overseas transfers and payments July 21, 2014 More people are finding it necessary to send money overseas, whether they are buying a property abroad, paying a mortgage or service fees on a property they already own, or work internationally and need to move money cost-effectively around the world. Even if you simply buy goods from overseas, or want to send money to [...]
Buying overseas? Speak to the currency experts first July 21, 2014 Spanish property continues to be popular for Brits looking to buy abroad, with nearly half of all property enquiries for Spain sitting in the £50,000 to £150,000 bracket according to figures from Kyero.com. The Costa Blanca remains the favoured region, accounting for more than a third of Spanish property enquiries on the portal, and with [...]
TSB could be planning to buy the mortgage portfolio of taxpayer-owned “bad bank” July 19, 2014 TSB has expressed an interest in buying the mortgage portfolio from Britain’s so-called bad bank, made up of the remains of Northern Rock and Bradford and Bingley, for £1.4bn according to Sky News. A TSB spokesperson said the bank “did not comment on rumour and speculation” but the boss of the newly-listed bank Paul Pester [...]
Comparison site sector under fire from watchdog July 16, 2014 Price comparison sites may be giving customers poor information, particularly when selling insurance products, the Financial Conduct Authority (FCA) said yesterday. Customers are too focused on the headline price of products, the FCA fears, and may not either consider or understand the differences in contract details. “Price comparison websites have increased in popularity among consumers with [...]
London house prices swell by a fifth in a year July 16, 2014 House prices jumped by more than a 10th across the UK in the year to May, and more than one fifth in the capital’s frothy housing market, with little suggestion that new regulations had slowed price growth. The Office for National Statistics (ONS) revealed yesterday that house prices in London had risen by 20.1 per [...]