House prices in slim rise February 6, 2012 House prices rose by 0.6 per cent in January figures from mortgage lender Halifax showed helping to recover some lost ground. House prices fell by 1.8 per cent in the three months to January compared with a year ago, taking the average price of a home to 160,907 pounds. “The continuing very low level of [...]
Why the debate has gone all wrong February 5, 2012 PART of the problem in Britain today is that public debate is taking place in a fact-less vacuum. People have no interest in what is really happening to investment bankers’ pay and prefer to ignore the regulatory revolution across all of finance, including banking, fund management, private equity, trading, accountancy and insurance. Take pay: as [...]
Hopeful house buyers put off by low supply February 5, 2012 A SHORTAGE of suitable housing is preventing potential first-time buyers from stepping onto the property ladder, according to data released this morning. Asked to name their biggest concern about buying a home, the second most common response among potential buyers was the difficulty of finding a property. “In the final quarter of 2011, the numbers [...]
House prices fell again in January, Nationwide says February 1, 2012 HOUSE prices declined in January and barely registered any growth over the last year, according to figures out yesterday from Nationwide. Prices fell 0.2 per cent last month, repeating December’s fall and taking the 12-month growth rate down from one per cent to 0.6 per cent. Average prices now stand at £162,228, from £161,211 in [...]
SME lending falls but consumer debts drop January 31, 2012 UNSECURED consumer credit fell in December, Bank of England figures showed yesterday, as consumers paid down credit card bills. Lending to firms fell in the three months to November, with small businesses borrowing less than they were a year ago. However, mortgage lending rose to a two-year high, as house-buyers took advantage of low interest [...]
Lending slows as consumers pay back more January 25, 2012 BANK lending continued to slow in December, but remains up on 2010’s figures according to data published yesterday by the British Bankers’ Association (BBA). New mortgage lending hit £8.7bn in the month, 12 per cent higher than in December of 2010 and the strongest month of 2011. However, annual net growth in the sector slowed [...]
Spain told it can’t delay deficit cuts January 24, 2012 SPAIN will not be allowed any more time to cut its budget deficit, the European Commission said yesterday. Budget minister Cristóbal Montoro called for the EU to give the country extra leeway on deficit targets this year on the basis that the economy is suffering another recession. However commissioners yesterday insisted Spain will not be [...]
Holy moly: Banks were drugged by Basel’s rulebook January 23, 2012 LET’S suppose that the human, fallible credit rating agencies produce ratings that are absolutely perfect in terms of measuring the risk of default; and that banks use these ratings to choose who to lend to, at what rates and under what conditions. But then let us add that bank regulators, such as those in the [...]
Mortgage lending edges up January 23, 2012 MORTGAGE lending rose at the end of last year compared to 12 months earlier, yet levels remain relatively deflated. Gross mortgage lending in quarter four of 2011 reached £37.2bn – up on £33.6bn in the final quarter of 2010. Yet total loans are significantly lower than before the credit crunch. Gross mortgage lending last year [...]
Squeeze on income shows little easing January 22, 2012 CUTS to tax credits are set to strain the UK’s “squeezed middle” even further, with wages continuing to fall and mortgages beyond the reach of many under-35s, a report from the Resolution Foundation will say today. The Lloyds TSB spending power report, also out today, reveals spending on essentials, like utilities, rose 4.6 per cent [...]