Clegg mulls tax for property owners living outside the UK November 18, 2013 PEOPLE living outside the UK and investing in British property do not pay enough tax, deputy prime minister Nick Clegg said yesterday, hinting at a crack down on overseas cash in next month’s Autumn Statement. House prices in London are rising at around 10 per cent a year. While most buyers across the market are UK-based, [...]
Highest level of new mortgage approvals since February 2008 October 29, 2013 UK mortgage approvals were at their highest levels for five and a half years at 66,735 in September, marginally over economists' estimates of 66,000. Last month's figure was 62,22.6. The figure, reported by the Bank of England, provides, says IHS Global Insight's Howard Archer, compelling evidence that activity in the housing market was already gaining momentum even [...]
Fund criticises UK Help to Buy October 9, 2013 THE CONTROVERSIAL mortgage guarantee scheme rushed ahead to this week could inflate property prices, according to a leading figure from the International Monetary Fund (IMF). Jose Vinals, the IMF head of financial stability said that the housing market in the UK “is already recovering quite well”. On the Help to Buy scheme, Vinals added: “This [...]
UK construction surge continues in October as sector growth hits six year high November 4, 2013 The UK's construction sector continues to expand at a tremendous pace, according to the latest purchasing managers' index (PMI) data. In October construction PMI stood at 59.4, from 58.9. Economists had forecast that the PMI for the sector would come in flat at 58.9. World First's Jeremy Cook says that "it is the residential side [...]
Globalisation beckons: UK finally exports more to China than Eire December 12, 2013 SLOWLY but surely, Britain is rebalancing its trade. In October, UK export volumes to EU member states were down by 5.5 per cent, compared to the 2010 average; exports to the rest of the world rose by 16.5 per cent, according to an analysis of the official data by Citigroup. This is beginning to have [...]
The year in preview: Our in-depth guide January 5, 2014 City A.M.’s journalists take a wide-ranging look at what 2014 has in store for the world of finance and business BANKINGRestoring faith means costly overhaulsA CAUTIOUS optimism pervades the British and European banking system at the start of 2014. The incoming economic recovery is at last improving customers’ creditworthiness, while the hard work running down [...]
Christmas sales to be strongest since crisis October 14, 2013 Christmas sales this year are forecast to be the best since the pre-recession levels of 2007, according to a report released by Verdict Retail. Consumer spending is expected to reach £88.4bn in the fourth quarter, a 2.2 per cent increase from last year. Online sales are set to reach £11.6bn, a 12 per cent rise [...]
UK housing soars back to pre-financial crash prices October 15, 2013 THE PRICE of an average house in the UK steamed past its previous nominal peak during August, reaching record levels again, according to Office for National Statistics (ONS) figures revealed yesterday. The announcement came as Martin Weale, a member of the Bank of England’s rate-setting monetary policy committee (MPC), voiced his concern over the recent [...]
Small property leads growth in house prices October 28, 2013 HOUSE prices jumped again in September, Land Registry figures showed yesterday, with London leading the way. And by category of property, flats were far and away the biggest riser in the month. The UK as a whole saw prices rise 1.5 per cent in the month and 3.4 per cent on the year to an [...]
Christmas cheer arriving at the Guildhall fayre November 18, 2013 STUCK for Christmas present ideas? The British Red Cross Christmas Market, which takes place at the City’s iconic Guildhall tonight and tomorrow, might be the perfect place to get started. Tonight is a preview evening from 5.30pm with an exclusive champagne reception, but tickets are already in short supply. Tomorrow, the doors open from 10.30am [...]