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Monday, January 28
House prices slip -0.3% in January
by
Jet-to-Let Magazine
on Mon 28 Jan 2008 16:52 GMT
House prices fell for the fourth month in a row in January with average values falling by 0.3%, the same decline as last month. Research by Hometrack found that the year on year rate of growth has also slipped back, to +2.3%, which represents the lowest rate of growth ... more » Friday, January 25
Mortgage approvals hit by credit crunch
by
Jet-to-Let Magazine
on Fri 25 Jan 2008 10:22 GMT
The number of mortgages granted to new home buyers plunged to a record low last month as banks struggled with the credit crunch and potential buyers hesitated in the face of higher mortgage rates. Only 42,088 mortgages were approved for new buyers by banks in December, lower than at ... more » Wednesday, January 23
MPC damps aggressive cut expectations
by
Jet-to-Let Magazine
on Wed 23 Jan 2008 17:12 GMT
The Bank of England’s monetary policy committee voted eight to one to leave interest rates unchanged last month, according to minutes of the meeting published on Wednesday, while official statistics showed growth slowed slightly less than expected in the fourth quarter. The MPC felt that “the short-run inflation outlook ... more »
CBI director Lambert forecasts 'soft landing'
by
Jet-to-Let Magazine
on Wed 23 Jan 2008 17:10 GMT
Richard Lambert, the director general of the CBI, predicts a "soft landing" in the Mr Lambert was speaking ahead of a surprise three-quarter point cut in US interest rates that saw the FTSE 100 index bounce by 161.9 ... more » Wednesday, January 16
Rate cut in doubt as unemployment falls
by
Jet-to-Let Magazine
on Wed 16 Jan 2008 17:46 GMT
The number of people claiming unemployment benefit fell to its lowest level for more than 30 years, while British average earnings unexpectedly rose in the three months to November. Figures from the Office for National Statistics (ONS) show that average earnings growth, including bonuses, remained steady at 4 per ... more » Tuesday, January 15
UK inflation steady in December
by
Jet-to-Let Magazine
on Tue 15 Jan 2008 16:31 GMT
Last month's Consumer Prices Index figure - the government's preferred measurement - held at 2.1% for a third month in succession. The biggest inflationary pressure was continuing high food prices, the Office for National Statistics (ONS) said. The ... more » Friday, January 11
Northern Rock starts to repay taxpayer
by
Jet-to-Let Magazine
on Fri 11 Jan 2008 16:21 GMT
Northern Rock is to repay £2.2bn of its £26bn Bank of England loan after selling a portfolio of mortgages to The ailing lender has agreed to sell its "Lifetime Portfolio" of equity release mortgages, which account for just 2pc of its total assets, for ... more » Thursday, January 10
Bank keeps interest rates on hold
by
Jet-to-Let Magazine
on Thu 10 Jan 2008 12:14 GMT
Bank of England policymakers have decided to keep The decision is likely to disappoint some retailers, who had called for a ... more »
UK slump 'is worst for 28 years'
by
Jet-to-Let Magazine
on Thu 10 Jan 2008 09:37 GMT
The UK economy shrank by 1.5% in the last three months of 2008, its worst performance in 28 years, a think tank has concluded. The National Institute of Economic and Social Research (NIESR) also warned the economic downturn was worsening. Its estimation comes two weeks ahead of the release of ... more » Wednesday, January 9
PM tells banks to pass on rate cuts
by
Jet-to-Let Magazine
on Wed 09 Jan 2008 17:00 GMT
Gordon Brown and Alistair Darling last night warned mortgage lenders they should pass on interest rate cuts to homeowners. The Prime Minister said the banks had a duty to pass on the cuts after it emerged almost one in five had not done so. Their inaction leaves hundreds of ... more » Tuesday, January 8
UK mortgage market continues to respond to global credit conditions
by
Jet-to-Let Magazine
on Tue 08 Jan 2008 13:37 GMT
Data released today showed that affordability in the mortgage market continued to show some resilience to tightening credit market conditions in November. Income multiples again declined modestly, reinforcing the trend that began in early autumn. First-time buyers typically borrowed 3.33 times their income, a figure that has fallen each month ... more »
House prices rise as 2007 ends
by
Jet-to-Let Magazine
on Tue 08 Jan 2008 12:16 GMT
House prices rose by 1.3% in December, following three months of falls, the Monday, January 7
UK faces dangerous year, says Brown
by
Jet-to-Let Magazine
on Mon 07 Jan 2008 17:02 GMT
Gordon Brown on Sunday warned Although he insisted Tuesday, December 18
UK inflation holds steady at 2.1%
by
Jet-to-Let Magazine
on Tue 18 Dec 2007 12:32 GMT
The Office for National Statistics ... more » Monday, December 17
CBI cuts economy growth forecast to 2pc
by
Jet-to-Let Magazine
on Mon 17 Dec 2007 14:26 GMT
The CBI employers' organisation has cut its forecast for
House prices drop by 3.2% 'on Hips effect'
by
Jet-to-Let Magazine
on Mon 17 Dec 2007 14:24 GMT
The website's latest survey of asking prices showed a dramatic fall from an average of £239,986 ... more » Friday, December 14
Chancellor's CGT delay attacked
by
Jet-to-Let Magazine
on Fri 14 Dec 2007 17:19 GMT
Alistair Darling faced a barrage of criticism after revealing that he would not clarify his capital gains tax plans until the new year. Speaking in the Commons, the Chancellor said that the capital gains tax concessions being discussed with the business community were "quite complex" and he would not now ... more » Thursday, December 13
UK unemployment continues to fall
by
Jet-to-Let Magazine
on Thu 13 Dec 2007 17:35 GMT
The number of people seeking jobless benefits in the UK has fallen to a 32-year low, according to data from the Office for National Statistics. The number claiming jobseeker's allowance fell by 11,100 in November to 813,000, the lowest since June 1975. Total unemployment, including those not claiming benefit, fell ... more » 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 » |
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