House price fall takes UK to the brink August 29, 2008 Economy on the verge of crisis as house prices fall at their sharpest rate for 18 years Fresh evidence that Britain’s economy is on the brink of crisis continues to emerge after August house prices fell at their sharpest annual rate in 18 years and retail sales slumped. House prices fell 1.9 per cent during [...]
Savills sales plunge fails to dampen mood August 29, 2008 Property group Savills was buoyant yesterday, despite a 41 per cent slump in first-half underlying pre-tax profit to £19.2m, owing to ailing commercial and residential property markets. The company saw its shares soar 17 per cent to 283.75p yesterday, as an 88 per cent fall in profits to £2.5m at its residential and commercial sales [...]
DSG cautious after sales dip at PC World September 4, 2008 Nine months into the job, John Browett, chief executive of DSG International announced yesterday he was not foreseeing a “chance for recovery until 2010”, following a first quarter slump in the market. Like-for-like sales in the 16 weeks to 23 August fell seven per cent on the same period last year, led by 12 per [...]
Bodies of millionaire and wife are found September 1, 2008 Police investigating a fire at the home of millionaire businessman Christopher Foster have announced they are now treating it as a murder inquiry, following confirmation that the two bodies found there are those of Foster, 50, and his wife. A post-mortem examination has revealed that Jillian Foster, 49, from Osbaston House in Maesbrook, Shropshire, died [...]
Bet on inflation to beat the downturn August 26, 2008 The market climate has created just the right conditions to make a mint, says Katie Hope It’s pretty grim out there at the moment. Food and fuel prices are rising at the fastest rate on record, contributing to soaring inflation. Even Bank of England governor Mervyn King, who is charged with keeping inflation at around [...]
Grainger cuts costs to ride out the gloom August 13, 2008 Residential property company Grainger said yesterday it had sold £122m of assets and is slashing costs as it hunkers down to ride out the credit crunch. Shares in the listed company, which owns and manages more than 20,000 properties in Britain and Germany, edged up nine per cent as the firm outlined measures to cut [...]
UK recession looms July 30, 2008 The UK is drifting into a recession, leading economists warned yesterday, as approvals for British home loans in June hit their lowest level since records began and retail sales fell at their fastest pace in at least a quarter of a century. Home mortgage approvals, loans that are agreed but not yet made, fell in [...]
Mortgage squeeze causes profits to plunge at Bovis August 27, 2008 Housebuilder Bovis yesterday blamed the mortgage squeeze for an 83 per cent slump in first half profit and said it was “the toughest period of trading it has experienced in its life as a public company”. Pre-tax profits fell to £9.5m, from £58.4m in the first six months of 2007, prompting the housebuilder to take [...]
Going short is not necessarily the answer September 2, 2008 A medium or long term approach may be wisest just now, says Katie Hope Its’ like a grim version of “when I were a lad…” working in the City at the moment. Everyone’s trying to out-do themselves in describing just how bad things have got. Going to school barefoot barely makes the grade in terms [...]
British business must believe that recession is immanent September 1, 2008 Finally. a clean month ahead of us. And more importantly, the Labour Day weekend is over and done with. This, theoretically, should mean that there are no more excuses as to why we are not seeing “proper” market behaviour. The summer is coming to an end – no more erratic, light-volume trading weeks, and full [...]