Buy-to-let mortgage boom runs out of steam as lending falls in December February 16, 2016 The buy-to-let mortgage boom receded toward the end of last year, new figures show today. The amount of cash loaned to buy-to-let investors dropped by three per cent in December compared with November, the Council of Mortgage Lenders said. It was also down one per cent in the three months from the three months to September. Over [...]
Year of the Monkey: We must be innovative and adaptable to strengthen China ties February 8, 2016 The Year of the Monkey starts today as we celebrate Chinese New Year. With London hosting the biggest celebrations outside of Asia, the zodiac animal has two particular attributes that I also think help define our modern City: our adaptability and innovativeness. The importance of China to both the City and the wider UK is a [...]
London Report: Economic data puts focus on UK housing market and growth June 9, 2014 ECONOMIC data out this week is set to shine a light on the UK’s steady return to health after the recession. The Office for National Statistics will tomorrow release April’s manufacturing data, which is forecast to show a 0.3 per cent rise in output. Construction output data – also likely to show a rise for [...]
UK house prices have reached an all-time high – but price growth is slowing in London November 23, 2015 UK house prices surged last month, taking the average cost of a home to an all-time high – but London is falling behind. The country's average rose by 1.9 per cent in October, taking the annual growth to 10.5 per cent. That means the national average cost of a house now stands at £224,242, according [...]
St Modwen to put £620m Nine Elms Square up for sale, paving the way for next year’s biggest land deal February 2, 2016 St Modwen has announced plans to put its £616m Nine Elms Square residential scheme up for sale in what it predicts will mark one of the biggest land deals in the market this year or next. The regeneration specialist and its French joint venture partner Vinci are carrying out a complete overhaul of New Covent [...]
Mortgage lending hits post-recession high of £220bn in 2015 January 21, 2016 Mortgage lending rose by eight per cent last year compared with the year before, the Council of Mortgage Lenders (CML) said this morning. Lenders approved £19.9bn of home loans in December, taking the 2015 total to £220.3bn – the highest annual figure since 2008. December's lending figure was slightly down on November, but was 23 per [...]
Economists: Prudential moves are likely to delay Bank of England interest rate hikes February 11, 2016 The Bank of England’s decision to raise interest rates is likely to be delayed by actions undertaken by the relatively new committee that focuses on financial stability. The financial policy committee (FPC) can impose restrictions on particular markets such as residential or commercial property markets, and can also make banks hold more capital. The monetary policy [...]
Interest rate hike more unlikely as Bank of England’s Sir Jon Cunliffe signals lending restrictions February 9, 2016 The Bank of England is likely to tighten lending restrictions rather than raise interest rates if the growth rate of credit exceeds that of GDP, a Bank official has said. Sir Jon Cunliffe said: “Given the vulnerability that already exists and the powerful drivers in the UK, particularly in the housing market, if credit began again to [...]
Let the good times roll: EY Item Club forecasts strong growth for UK financial services February 15, 2016 The financial services industry can expect decent growth over the next few years, a group of forecasters have said today. Mortgage lending, business borrowing and consumer credit are all set to grow at healthy rates over the coming years, as the UK economy shrugs off recent severe stock market declines. However, the EY Item Club said [...]
Crowdfunding site Property Moose has just lowered its minimum investment to £10 January 29, 2016 Crowdfunding site Property Moose has lowered its minimum individual investment to just £10. The site, which offers investors a chance to contribute to a fundraising pool to buy a residential property, is hoping to reach out to new types of investors, including students kick-starting their saving or parents looking to start building a nest egg for their children. A £10 investment obviously [...]