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Tuesday, November 27
Darling hints at capital gains tax U-turn
by
Jet-to-Let Magazine
on Tue 27 Nov 2007 11:46 GMT
Alistair Darling today signalled that he may backtrack on his unpopular changes to capital gains tax, as critics continued to attack his decision to announce the proposal without consulting the business community first. Speaking at the CBI annual conference this lunchtime, the chancellor said he was "open to suggestions" ... more » Wednesday, November 21
6% growth in mortgage lending
by
Jet-to-Let Magazine
on Wed 21 Nov 2007 10:40 GMT
Gross mortgage lending grew to an estimated £32.4 billion in October, rising nearly 6% from £30.6 billion in September and £30.6 billion in October last year, according to the Council of Mortgage Lenders (CML). While the increase is higher than the 3% seasonal rise that might typically be ... more »
Dollar hit by fresh weakness
by
Jet-to-Let Magazine
on Wed 21 Nov 2007 10:39 GMT
The dollar fell to a twelve-year low against the Swiss franc and lost ground against the yen on Monday as fears over the health of the Analysts said weak Wednesday, October 31
House prices show surprise rise
by
Jet-to-Let Magazine
on Wed 31 Oct 2007 12:26 GMT
The month-on-month rise was the strongest since June, taking the annual rate of ... more »
Sterling blasts through $2.07 against dollar
by
Jet-to-Let Magazine
on Wed 31 Oct 2007 12:23 GMT
Sterling surged to a fresh 26-year high above $2.07 against the dollar and advanced across the board on Wednesday after a survey showed UK house prices rose at their highest pace this year in October. The pound rose 0.3 per cent to $2.0743 against the dollar, its strogest level ... more » Friday, October 26
Financial system still at risk, say Bank of England
by
Jet-to-Let Magazine
on Fri 26 Oct 2007 10:08 BST
The In its twice-yearly Financial Stability Report, the central bank says that further shocks may be unavoidable as the Wednesday, October 24
London named most attractive property market
by
Jet-to-Let Magazine
on Wed 24 Oct 2007 17:25 BST
The
Consumers reduce borrowings due to credit crunch, says report
by
Jet-to-Let Magazine
on Wed 24 Oct 2007 17:22 BST
A report has claimed 2007 will see consumers take on less unsecured debt as the consequences of the summer’s credit crunch take their toll. Datamonitor, the independent market analyst, predict the Tuesday, October 23
UK economic growth to slow says forecast
by
Jet-to-Let Magazine
on Tue 23 Oct 2007 08:52 BST
An influential forecast group has predicted that Ernst and Young’s ITEM Club has substantially revised its 2008 GDP forecast to 2.1% from 2.5% in July thanks to the marked tightening of monetary and ... more » Friday, October 19
Public display confidence in house price growth
by
Jet-to-Let Magazine
on Fri 19 Oct 2007 14:21 BST
Consumers have expressed confidence that the housing market will continue its price boom despite strong evidence to the contrary, research by the Association of Investment Companies (AIC) has revealed. In the AIC’s survey, almost two-thirds (62%) of the general public (1,004 people) stated a belief that the housing market ... more » Thursday, October 18
CML announces sharp fall in mortgage lending
by
Jet-to-Let Magazine
on Thu 18 Oct 2007 11:47 BST
September saw a sharp decline in mortgage lending in the Gross mortgage lending fell by 12% in September compared to August, to a total of £30bn. Although this figure is a 2.5% increase on the ... more » Tuesday, October 16
Tories to vote against CGT change
by
Jet-to-Let Magazine
on Tue 16 Oct 2007 14:53 BST
Conservative MPs will vote against part of the upcoming finance bill if it includes controversial changes to the capital gains tax (CGT), detailed in last week's pre-budget report, the shadow chancellor George Osborne said yesterday. As a growing number of lobby groups and business people voiced their dismay at the ... more » Thursday, October 11
Banks hold rates as UK house prices slow
by
Jet-to-Let Magazine
on Thu 11 Oct 2007 14:45 BST
The British and European central banks keep their interest rates unchanged in the face of more volatility in the financial marketsDearbail The Bank of England’s Monetary Policy Committee's (MPC) voted today to keep the interest rates unchanged at 5.75 per cent, as the six-year high in borrowing costs ... more » Friday, October 5
BoE leaves interest rates at 5.75pc
by
Jet-to-Let Magazine
on Fri 05 Oct 2007 09:38 BST
The Bank of England has resisted increasing pressure to cut interest rates as policy makers take more time to assess the impact of the credit crunch on the broader economy. The decision by the Bank's Monetary Policy Committee to leave the cost of borrowing at 5.75pc was predicted by all but one of the 60 economists surveyed by financial news agency Bloomberg. Governor Mervyn King has come under heavy fire for his handling of last month's Northern Rock crisis, which has dented consumer confidence and called into doubt the Bank's earlier projection that rates would need to rise to 6pc. While the members of the MPC are taking more time to examine the impact of the financial turmoil on the rest of the economy, housing data today from the The Bank had indicated in its quarterly Inflation Report in August that rates might have to rise keep inflation on track, but since then the CPI has dropped and the economy has been beset by profound threats. Today's decision to leave rate on hold will come as a disappointment to the British Retail Consortium. Kevin Hawkins, its director general, yesterday called for the bank to take immediate action on rates. The plea from the country's retailers comes after a warning from the Ernst & Young Item Club over the weekend that a cut would be the smartest move for the economy and the struggling financial services sector. Source: The Telegraph Thursday, October 4
Mortgage prices will rise with lenders cashing in on rival's turmoil, says HBOS chief
by
Jet-to-Let Magazine
on Thu 04 Oct 2007 11:01 BST
Andy Hornby, the boss of "Looking forward, we can already see that mortgage pricing is starting to adjust ... more »
Borrowers and banks hit as credit crisis takes toll of homeowners
by
Jet-to-Let Magazine
on Thu 04 Oct 2007 10:57 BST
Home loans are becoming more expensive for borrowers and less profitable for banks, Speaking at a Merrill Lynch banking conference yesterday, Andy Hornby, the chief executive of Halifax Bank ... more »
House prices drop for first time this year
by
Jet-to-Let Magazine
on Thu 04 Oct 2007 09:56 BST
House prices have fallen for the first time this year, according to the latest monthly survey from The slide was led by prices in
No change expected for UK rates
by
Jet-to-Let Magazine
on Thu 04 Oct 2007 09:54 BST
The Bank of England is expected to keep interest rates on hold at 5.75% later while it assesses the economic impact of the recent financial turmoil. Most experts believe policymakers will adopt a "wait and see" policy on rates until a clearer picture emerges of the effects of the ... more » Wednesday, September 26
France calls for lower European interest rates
by
Jet-to-Let Magazine
on Wed 26 Sep 2007 12:44 BST
The new French finance minister Christine Lagarde has called on the European Central Bank to lower interest rates at its meeting next month to try to counter the rise of the euro. Ms Lagarde, one of the key ministers driving Nicolas Sarkozy's ambitious reform programme, said in an interview ... more »
IMF fears over Britain's sub-prime market
by
Jet-to-Let Magazine
on Wed 26 Sep 2007 12:42 BST
The International Monetary Fund has warned that The Washington-based institution singled out the Thursday, September 20
House price growth turned negative in August says RICS.
by
Jet-to-Let Magazine
on Thu 20 Sep 2007 16:25 BST
House prices growth turned negative for the first time since October 2005. 1.8% more Chartered Surveyors reported a fall than rise in house prices, down from 10.8 reporting a rise in July. Demand continued to weaken as rising interest rates weighed on buyer affordability. The trend ... more »
Abbey under fire for 125% mortgage
by
Jet-to-Let Magazine
on Thu 20 Sep 2007 16:24 BST
Britain's third biggest mortgage lender was last night accused of fuelling the national debt crisis by launching a new home loan worth up to 125% of a property's sale price. The Abbey loan, the biggest of its type ever offered to Tuesday, September 18
Relief as Northern Rock shares up
by
Jet-to-Let Magazine
on Tue 18 Sep 2007 16:20 BST
Shares in Northern Rock have recovered some ground after the government promised to protect savers' deposits. Desperate to restore faith in British banks, Chancellor Alistair Darling pledged the Bank of England would guarantee all existing deposits. The unprecedented move led to drop in the number of people queuing ... more »
One-in-ten chance of housing crash, says RICS
by
Jet-to-Let Magazine
on Tue 18 Sep 2007 14:19 BST
There is a one-in-ten chance of a crash in the housing market over the next year, according to the Royal Institution of Chartered Surveyors. Simon Rubinsohn, chief economist for the RICS, also said there was a 20-per-cent chance of a 10-per-cent drop in Monday, September 17
Buy-to-let investors return as rental market sees record growth
by
Jet-to-Let Magazine
on Mon 17 Sep 2007 17:14 BST
Buy-to-let investors returned to the market as rental growth reached record levels. Tenant demand for rental property has been boosted by declining accessibility, rising uncertainty and a slowing housing market which has reduced the impetus on would-be home buyers to enter into the market, says the RICS Lettings Market ... more »
Alan Greenspan warns of UK house prices drop
by
Jet-to-Let Magazine
on Mon 17 Sep 2007 17:13 BST
Alan Greenspan, the former head of
Alan Greenspan warned recent increases in house prices were unsustainable He warns of "difficulties" ahead for
Bank lending rate rises on Northern Rock woes
by
Jet-to-Let Magazine
on Mon 17 Sep 2007 17:12 BST
The short-term lending cost between banks has shot up in the wake of the run on Northern Rock, figures show today. The overnight interbank Libor rate surged to 6.47 per cent this morning compared with 5.87 per cent on Friday and above the 5.75 per cent Bank of England ... more »
Mortgage borrowers and savers told not to panic
by
Jet-to-Let Magazine
on Mon 17 Sep 2007 16:45 BST
Borrowers and savers have little to fear, despite Northern Rock's need for an emergency loan from the Bank of England, industry experts said, though they believe liquidity problems could slow the property market. Mortgage borrowers and savers with Northern Rock -- the country's eighth-largest listed bank -- can have ... more » Friday, September 14
Bank of England in dramatic intervention
by
Jet-to-Let Magazine
on Fri 14 Sep 2007 16:41 BST
The Bank of England was last night forced to hand emergency funding to one of Britain's biggest mortgage providers - Northern Rock - as it became the first major financial institution in the UK to run into serious trouble as a result of the credit crisis that has caused turmoil ... more » Thursday, September 13
Fall in loans to buyers and re-mortgagors
by
Jet-to-Let Magazine
on Thu 13 Sep 2007 12:25 BST
The number and value of mortgages taken out by both home-buyers and those re-mortgaging fell in July, according to the Council of Mortgage Lenders. But lending not accounted for by house purchase or re-mortgaging (primarily made up of further advances and buy-to-let) rose to its highest-ever value - £7.8 billion ... more »
'Mis-priced' risk at heart of credit turmoil
by
Jet-to-Let Magazine
on Thu 13 Sep 2007 12:22 BST
Mervyn King, the governor of the Bank of England, today blamed risky behaviour by banks for the current financial turmoil and warned that an over-generous bail out by Releasing evidence that he will give to next week's ... more » Wednesday, September 12
House price inflation ‘slowing’
by
Jet-to-Let Magazine
on Wed 12 Sep 2007 09:37 BST
House prices increased by 0.4% in August, according to reports by the
Buy-to-let alive and well
by
Jet-to-Let Magazine
on Wed 12 Sep 2007 09:36 BST
Buy-to-let investors are continuing to pile into the property market in spite of rising interest rates, lured by strong rises in rents, the Royal Institution of Chartered Surveyors said today. Demand for rental property is being supported by the inability of many would-be first-time buyers to afford anything. It is ... more » Monday, September 10
Prime London set to cool
by
Jet-to-Let Magazine
on Mon 10 Sep 2007 16:56 BST
The Knight Frank Prime Central London has index revealed that the uncertainty in the financial markets during August has had limited immediate impact on the prime central London residential market
The monthly rate of growth fell from 3.9% in July to a still respectable 2.1% in August, whilst the ... more » Friday, September 7
Report says UK will avoid property valuations crisis
by
Jet-to-Let Magazine
on Fri 07 Sep 2007 16:56 BST
The UK property market is unlikely to suffer the kind of valuations crisis that brought some of Germany's largest open-ended property funds close to collapse in 2005 and early 2006, according to industry research. But the report by independent UK industry group Investment Property Forum (IPF.L: Quote, Profile, Research) warned ... more » Wednesday, September 5
Property affordability near record low
by
Jet-to-Let Magazine
on Wed 05 Sep 2007 10:00 BST
Housing affordability has deteriorated to near record lows, with homes five times more expensive for first-time buyers than in 1996, new figures show. Buyers in the southeast and southwest of England have to save over 100 percent of their annual earnings for a deposit to get a foothold on the ... more »
Property prices boosting sub-prime market
by
Jet-to-Let Magazine
on Wed 05 Sep 2007 09:13 BST
Housing in Britain has rarely been less affordable than it is today, according to the latest intelligence from the Royal Institution of Chartered Surveyors. A combination of still-rising property prices, rising interest rates and taxes, and higher household bills have conspired to push more and more people out of range ... more » Wednesday, August 22
Surge in US home repossessions
by
Jet-to-Let Magazine
on Wed 22 Aug 2007 17:43 BST
The number of home repossessions in the There was a 93% jump in filings for repossessions on the same month a year ago, and a 9% rise on June's figure, property firm RealtyTrac said. The figures ... more »
Rate increases start to bite
by
Jet-to-Let Magazine
on Wed 22 Aug 2007 17:40 BST
Research from the Building Societies Association has uncovered a dramatic drop in mortgage lending figures. Building society gross advances amounted to £4,465m in July 2007, compared to £4,888m in July 2006. Net Advances were £598m in July 2007, versus £1,662m in July 2006. Approvals were £4,014m in July ... more » Tuesday, August 21
Property returns fall to lowest for 12 years
by
Jet-to-Let Magazine
on Tue 21 Aug 2007 17:18 BST
Solid evidence of a slowdown in the commercial property market emerged yesterday as figures showed the lowest monthly return from the sector for 12 years. Average total returns - rent plus capital growth - were 0.2 per cent in July, according to figures from Investment Property Databank, the research company ... more » Monday, August 20
Societies losing mortgage share
by
Jet-to-Let Magazine
on Mon 20 Aug 2007 13:36 BST
The pace of approvals for mortgages rose last month, despite a surprise drop in lending by building societies. The British Bankers’ Association said that mortgage lending by its members rose by £5.7 billion in July, up from £5.4 billion the previous month. However, lending by members of the Building Societies’ ... more »
Loophole 'makes Hips redundant', says RICS
by
Jet-to-Let Magazine
on Mon 20 Aug 2007 13:33 BST
A report claiming to have found a loophole in rules governing Home Information Packs (Hips) today has sparked fresh controversy over the beleaguered scheme. The report from the Royal Institution of Chartered Surveyors (RICS) said that new regulations published by the Department for Communities and Local Government (DCLG) on Monday ... more » Thursday, August 16
First-time buyer demand 'drops'
by
Jet-to-Let Magazine
on Thu 16 Aug 2007 13:46 BST
The number of people looking to buy a house for the first time has fallen at its fastest rate in more than three years, a report says. Inquiries from new buyers plunged in July, while the number of unsold properties rose, The Royal Institution of Chartered Surveyors (RICS) said. ... more » Tuesday, August 14
Inflation falls on food price war
by
Jet-to-Let Magazine
on Tue 14 Aug 2007 17:20 BST
Weaker food prices helped the The Consumer Prices Index (CPI) dropped sharply from June's level of 2.4%, raising hopes that further rises in interest rates will not be needed. It is the first time ... more » Monday, July 23
Bank must not 'squeeze economy'
by
Jet-to-Let Magazine
on Mon 23 Jul 2007 17:30 BST
The Bank of England's monetary policy committee (MPC) faces a balancing act, an influential forecast group says. The Ernst & Young Item Club says the strong housing market must be closely watched, but the MPC must not rush into "damaging" interest rate rises. It is predicting strong GDP growth of ... more » Thursday, July 19
UK economy grows for 60 consecutive quarters
by
Jet-to-Let Magazine
on Thu 19 Jul 2007 17:23 BST
The Office of National Statistics will NS will this week publish its preliminary GDP estimate for 2007 Quarter 2. These figures are expected to confirm that the UK economy has grown for an unprecedented 60th successive quarter. No other OECD economy can match the UK's unbroken 15 years of positive ... more » Tuesday, July 17
Torrential rain causes acute shortage of rental properties in flood affected areas
by
Jet-to-Let Magazine
on Tue 17 Jul 2007 17:43 BST
The aftermath of the recent weeks nationwide flooding can now be seen in full pelt with an estimated 27,000 homes and 5,000 businesses* having been affected by the torrential rains that swept across the UK. Additionally, it is believed that the cost of damage to homes in the UK could ... more »
Inflation dips but stays in the danger zone
by
Jet-to-Let Magazine
on Tue 17 Jul 2007 17:35 BST
UK inflation eased lower last month, thanks to a fall in utility bills. But price pressures in the underlying data mean the Bank of England is still likely to raise interest rates in the coming months, analysts said, with another rate hike possible as early as next month. Consumer Price ... more » |
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