Bank capital rules are holding back a credit binge – but also our recovery November 11, 2013 THE RECENT run of better-than-expected economic data and the government’s Help to Buy scheme have sparked talk of a return to credit-fuelled boom and bust. Some have joined renowned monetary policy hawk Andrew Sentance, a former member of the Bank of England’s Monetary Policy Committee, in calling for interest rates to rise sooner rather than [...]
Help to Buy “already delivering” says David Cameron as second phase sees over 2,000 applications November 11, 2013 Help to Buy is gathering momentum. This morning both RBS and Halifax reported strong uptake of its second phase, which was launched a month ago. 2,384 applications have been put in, totalling £365m of new mortgage lending. On average, households have asked to borrow around £155,000 for houses worth about £163,000. The UK average house [...]
UK must build 1.5m new homes November 6, 2013 Think tank calls for huge construction drive over next five years THE NEXT government must commit to build 1.5m homes by 2020 to stem an emerging social and economic crisis, according to a report released today. Westminster think tank Policy Exchange has calculated that the UK desperately needs to build 300,000 houses every year between [...]
Experian shares slump after US health purchase November 6, 2013 EXPERIAN shares fell 6.4 per cent yesterday after the credit-checking group said it plans to spend $850m (£528m) on a US healthcare business, as it revealed subdued growth in the last six months. The firm said Passport Health Communications, which offers admin and credit checks to US healthcare providers, will help it expand in new markets [...]
Help to Buy lifts Persimmon new sales past 3,000 November 6, 2013 HOUSEBUILDER Persimmon said yesterday it has sold over 3,000 homes under the government sponsored Help to Buy scheme, in yet another sign of rising confidence in the housing market. Chief executive Jeff Fairburn said that while 90 per cent of sales were to first-time buyers, growing market confidence was prompting more second and third-time buyers [...]
Slowdown in US mortgage applications November 6, 2013 The number of mortgage applications in the US fell last week by seven per cent, according to the Mortgage Bankers Association (MBA). The fall came after a 6.4 per cent increase in applications the previous week and signifies, says Capital Economics, "further evidence of a moderation in the rate of the housing recovery." Ed Stansfield, [...]
House sales jump as Help to Buy kicks in November 6, 2013 British house building company Persimmon has posted an increase in weekly private sales of 45 per cent in the third quarter. The firm attributed a large part of the stronger growth to the government's Help to Buy scheme, which the company says "has proved particularly attractive." Persimmon sold 3,000 homes under the first phase of [...]
Buoyant Britain: Growth forecasts rise November 5, 2013 Growth forecasts rise as services improve at best rate in 16 years UK SERVICES posted their strongest growth in over 16 years during October, with the economy’s biggest sector showing no signs of slowing down as the fourth quarter kicked off. A major survey of firms revealed yesterday suggested that the economy could grow by [...]
This is the eye of the financial storm: UK banks are far from being healthy November 4, 2013 PRIVATISATION at Lloyds, but losses. An internal quasi-bad bank at RBS. Co-op bank falling into the hands of its bondholders. How healthy is the UK’s banking sector? With GDP growth picking up, and crisis in the Eurozone in abeyance, it’s natural to imagine that the worst of the UK’s banking crisis is now behind us. [...]
Labour makes new push for higher wages November 4, 2013 LABOUR leader Ed Miliband has pledged to offer tax breaks of up to £1,000 per worker for companies that move low-paid staff onto the living wage. Miliband said the scheme would cut poverty while saving money on benefit payments – but the Conservatives and some business groups said the plan was impractical. More than 400 [...]