Lending up 7% in October

Latest CML data has revealed that gross mortgage lending totalled an estimated £18.7 billion in October, almost 7% higher than September’s £17.5 billion figure.
The monthly total was 44% lower than gross mortgage lending of £33.4 billion in October 2007.
CML director general Michael Coogan said: “While lending in October ticked up from a low figure in [...]

Largest quarterly fall in Scotland for 16 years

Scottish house prices fell in the latest quarter, according to the latest Scottish House Price Monitor from Lloyds TSB Scotland.
In the three months to 31 October, the quarterly price index for the average domestic property in Scotland fell by 4% to give an average mix adjusted Scottish house price of £165,398. This is the largest [...]

LibDems fear 0% interest rates

After the Bank of England predicted yesterday that inflation could fall below 1% next year, the Liberal Democrats fear that we could be heading for zero interest rates, coupled with rising unemployment.
Liberal Democrat Shadow Chancellor, Vince Cable said: “It’s clear from the today’s figures that we’re heading for very high levels of unemployment with falling [...]

AMI paints a bleak remortgage picture

Remortgage business could diminish further in 2009 as borrowers are forced to stay on their lenders’ SVRs until LTVs come down, the Association of Mortgage Intermediaries warns.
AMI’s latest Quarterly economic bulletin says brokers may find borrowers impossible to place with lenders until LTVs come down.
It says: “This means less business for brokers who will find [...]

Men saving cash by staying single

Almost half of all Britain’s single men admit that the key to saving money is staying relationship-free. In fact, latest research from Skipton indicates that 90% said they’d avoid romantic commitments altogether because of the economic downturn.
Additional research conducted by YouGov asked more than 2,400 British adults what effect being in a relationship had on [...]

Bank of England slashes interest rates by 1.5%

The Bank of England has slashed interest rates by a further 1.5% to boost Britain’s ailing economy. Following an emergency 0.5% cut in October, the Bank’s Monetary Policy Committee (MPC) has taken drastic action again as its focus switches from inflation to recession.
Britain’s basic rate of interest now stands at 3%, but it is unclear [...]

Isle of Man hits back at Darling in ‘tax haven’ row

The Isle of Man has expressed its “surprise” after Alistair Darling promised to take a “long hard look” at the crown dependency’s status as a tax haven. It says rather than being a refuge for those wishing to avoid paying UK tax, it has looked to provide just regulation and a competitive commercial environment, as [...]

The Skipton and Scarborough to merge

Skipton Building Society and Scarborough Building Society have agreed to merge.
It is anticipated that the merger will be completed in the first quarter of next year, with the enlarged Society being a ‘top five’ building society with approximately 860,000 members and over £16 billion of assets.
Scarborough Building Society said has seen difficult trading conditions leading [...]

Global chaos as Congress rejects bail-out

London and European markets are in freefall upon opening this morning, continuing a chaotic 12 hours for global indices following the rejection of the US $700bn bank bail-out package.
At 8.30am, the FTSE100 had already plunged 144.95 points, or 3%, to 4673.82. HBOS, RBS and Lloyds TSB are among the hardest hit.
Paris’ CAC is down 2.57% [...]

Darling commits to action on economy

Alistair Darling has pledged to take action to address weaknesses in the financial system.
In an interview this morning with the BBC the chancellor said he would take action to promote long-term economic stability but has refused to elaborate on the specifics of his plan.
During the chat on Breakfast this morning, which was screened live from [...]