Philanthropy is like sex – every generation thinks they discovered it December 18, 2014 Two comments overheard in the last month or so indicate that in its own eyes, the City is becoming more philanthropic. Both came from 40 somethings, involved in the many giving networks for young professionals that are springing up around the Square Mile. In quiet conversation at after-event networking sessions they both commented, almost [...]
Bank of England imposes limits on high loan-to-income mortgages June 26, 2014 The Bank of England has introduced new mortgage controls, in an attempt to contain possible risks to the UK's financial system. New limits will apply from 1 October, and will see that no more than 15 per cent of mortgages issued should exceed a loan-to-income ratio of 4.5. Currently only 11 per cent of UK [...]
Caliphate in the UK: From Hampshire to the city September 16, 2014 A few months ago, the word "caliphate" suddenly appeared in headlines in every newspaper, signalling the beginning of the sinister rise of Islamic State (IS), the group currently wreaking terror in the Middle East. But IS isn't the only caliphate – there are similar groups all over the world. Although it's safe to say the [...]
Now RBS caps UK mortgages June 3, 2014 RBS yesterday joined Lloyds in cutting back mortgage lending for the most expensive houses, in the latest sign that banks are worried that the market could overheat. The move came as Nationwide reported house prices are at a record high, while ex-City watchdog boss Lord Turner said he is worried about the towering pile of [...]
Global house prices slow as the UK jumps up world rankings June 2, 2014 Global house prices have increased for the eighth quarter in a row but the rate of price growth is now slowing, according to figures out today from Knight Frank. Prices rose by 7.1 per cent in the year to March, according to the property agency’s Global House Price Index. However the last quarter [...]
London report: Housing data to show soaring market levelling July 6, 2014 Housing prices are likely to be in focus this week, as two surveys show prices are still rising, though the market is levelling off. The RICS survey, published today, is expected to show less growth than in past months. Barclays’ Armela Mancellari said: “We expect the overall balance to have edged down [...]
Could this be the end of London’s housing boom? June 16, 2014 The property market boom could be seeing the first tentative signs of a slowdown, according to property website Rightmove. Prices across England and Wales rose by only 0.1 per cent in May according to the Rightmove house price index, compared to 3.6 per cent in April and 1.6 per cent in March. Average prices fell in [...]
City analysts expect pressure on Bank to raise rates in 2014 December 4, 2013 THE BANK of England will hold off from any rise in interest rates in the opening months of next year even if unemployment keeps falling, analysts say. Yet some economists believe the Bank’s monetary policy committee (MPC) will come under intense pressure to tighten its stance. A report from City-based Fathom Consulting said yesterday that price [...]
BBA mortgage approvals for April miss expectations May 27, 2014 In April, the number of mortgages approved by the British Bankers' Association (BBA) fell to its lowest point in eight months, reaching 42,200. Analysts had expected the figure to reach 45,200. Recent data from the Bank of England has also showed a slowdown in household borrowing. However, house prices continue to surge, with the London experiencing [...]
Kenneth Clarke: UK economy “fragile” and recovery “not firmly rooted” July 20, 2014 Kenneth Clarke has warned that the UK economy is “fragile” and vulnerable to shocks. The former Tory chancellor said in an interview with The Observer that the UK must break out of the “ludicrous cycle” of house price booms followed by crashes. He indicated that in some ways he admired the coalition's approach [...]