Redrow reduces losses but warns over mortgage market February 25, 2010 HOUSEBUILDER Redrow slashed its first-half losses following a pick-up in the number of sales and an increase in prices but warned that a lack of mortgages is still causing problems. Completions climbed 21 per cent to 1,266 for the six months to December with the average selling price of homes rising 3.6 per cent to [...]
Skipton to merge with rival mutual society Chesham February 24, 2010 SKIPTON Building Society is to merge with its smaller rival Chesham, the mutual said yesterday, as it unveiled a bumper rise in annual profits and defended its contentious decision to hike its standard variable mortgage rate (SVR). Skipton said the merger would take its branches from 89 to 92 and gave a guarantee that it [...]
CITY VIEWS: IS IT POSSIBLE FOR HOUSE PRICES TO DIP AGAIN IN 2010? February 23, 2010 MIKE MURTON | TRISYSTEMS “If people sit tight prices will go up because of the lack of available property on the market. It’ll be back to the good old days but not for the good old reasons. Mortgages and mortgage rates are likely to increase as banks pay back their government loans.” SANDRA BOYD | [...]
How a secret rule caused the crisis February 22, 2010 SLOWLY but surely, some economists are beginning to piece together the real causes of the crisis. And as you might imagine, their findings are strikingly at odds with the conventional explanations, which tend to revolve around greed, bankers’ animal spirits and deceit. One brilliant new paper shows how an obscure regulation deliberately encouraged US retail [...]
Mortgage lending at a 10-year low February 18, 2010 GROSS mortgage lending fell to its lowest level in nearly 10 years last month as buyers rushed to complete purchases before the stamp duty holiday ended, the Council for Mortgage Lenders (CML) said yesterday. Total mortgage lending fell 32 per cent to £9.1bn from £13.4bn in December and down 21 per cent on January 2009. [...]
Q&A: renting February 18, 2010 James Davis MANAGING DIRECTOR OF UPAD.CO.UK Q.Dear James, I need to move for a new job, but I can’t sell my house. I’m going to rent it out for now and see if the market picks up. A friend said I have to tell my mortgage lender. Is this true? Won’t they just make me [...]
House prices continue to rise February 16, 2010 Britain’s housing market continues its recovery, with prices across the UK rising by 2.9 per cent over last year. This compares with an annual rate of 0.5 per cent in November, which was the first positive figure since June 2008, figures from the Department of Communities and Local Government showed yesterday. Last year prices rose [...]
Credit card rates soar to 12–year high February 15, 2010 CREDIT card rates have reached a twelve-year high as providers become wary of borrowers inability to repay debts during the recession. The average credit card rate now stands at 18.8 per cent, a four per cent rise from 2006 when increased competition between providers drove rates down. Banks and credit companies face higher pricing for [...]
Repossessions fall as rates kept low February 11, 2010 THE number of homes repossessed in 2009 reached its highest level since 1996 but an unexpected decline in repossessions in the fourth quarter saw the annual figure beat forecasts, the Council for Mortgage Lenders (CML) said yesterday. A 13 per cent fall in the number of repossessions in the fourth quarter meant that only 46,000 [...]
Golden years of retirement turning sour February 10, 2010 FOUR out of ten “baby boomers” are approaching retirement without setting aside any money each month, a report showed yesterday. Research compiled by insurer Aviva found that people aged between 55 to 64 are laden with debt and have scant resources to fund themselves after stepping down from work. Individuals in the age bracket – [...]