Financial News

Nationwide tracks 16% house price drop
The value of the typical UK property fell by 15.9 per cent over the past year to December. House price figures from Nationwide also show that house prices fell by 2.5 per cent last month. In November,

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Girlguiding UK offers debt tips
Pressures on teenage girls to spend big on store cards have led to a new pamphlet being issued by the Girl Guides. The "guide for Guides" covers credit card-related topics such as avoiding ID

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Cameron: I will scrap tax on savings
David Cameron has called for a dramatic shift of the economy - away from borrowing through loans and towards saving. The leader of the opposition said that, in order to achieve this change, he would scrap

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Consumer confidence 'dropped in December'
Consumer confidence hit another low last month, according to Nationwide. The financial firm's index dropped four points to 47 - as job loss fears rose among Britons. Unemployment recently hit an eight-year

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BSA upbeat on new lending data
The Building Societies Association (BSA) has said that it has "hope" for the UK property market's prospects, after publishing its new lending figures. According to the data, net lending stood

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Rate cut 'likely'
The Bank of England seems likely to cut its official rate when its Monetary Policy Committee (MPC) meets later this week. Markets appear to be pricing in a 50 basis point cut, bringing the rate to 1.5

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State aid widened for struggling homeowners
Homeowners will gain extra protection against repossession, the government has said. Ministers unveiled plans yesterday to extend the number of people covered by state help with their mortgage payments. In

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High dividends, rate cuts 'attracting investors to shares'
Shares are likely to become increasingly attractive to investors due to attractive dividend yields, DigitalLook.com analysis has shown. Recent cuts to interest rates from the Bank of England were also

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Savings used to pay off mortgages in Q3 2008
It has become more attractive for homeowners to use their savings to pay off loans in the current climate, an expert has claimed. Figures from the Bank of England indicate that around £5.7 billion

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'Tough' conditions predicted for 2009
2009 is set to be one of the "toughest" years to date, according to the British Chambers of Commerce (BCC). The organisation's January 2009 Economic Forecast estimates that GDP will fall by 2.9

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Brits 'shun' mortgage protection
Two-thirds (67 per cent) of Britons would not be willing to pay for mortgage payment protection insurance (PPI), according to Zurich. Analysts are forecasting tough financial conditions throughout 2009

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First Direct tops 'cheapest' mortgage chart
First Direct offered the cheapest standard variable rate mortgages in 2008, according to figures from Defaqto. The research firm compared the interest payable on a £100,000 interest only mortgages

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First-time buyers 'will benefit from house price falls'
The affordability of housing was boosted across 2008, according to Halifax. New data from the mortgage lender shows that the house price to earnings ratio - a measure of property affordability - stood

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Brits plan New Year credit card shifts
Over three million British people will shift around £7 billion between credit cards during the opening three months of 2009, a leading financial company has claimed. According to Abbey Credit Cards,

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House price "recovery" predicted for 2009
Property prices could begin to rise next year, as savvy buyers "cotton on" to bargain prices. According to new analysis from the National Association of Estate Agents (NAEA), this growth could

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Forecasts for 2009 recession made
Varying predictions have been made on the prospects for UK economic growth for 2009. The Centre for Economics and Business Research (cebr) has suggested in a new report that the economy would contract

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Hard-up Brits staying at home this Christmas
Britain's major airports are gearing up for a relatively quiet Christmas as the ongoing effects of the credit crunch force many consumers to abandon their dreams of a festive break. According to BAA, some

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Hometrack makes rare predictions for 2009 property market
With prospective buyers still deterred from making a commitment in an uncertain market, house prices across the UK are set to fall by a further ten per cent in 2009, it has been claimed. According to the

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EC approves banking support measures
The European Commission (EC) has announced that it has approved new support measures put forward for the UK banking industry. Fees to be paid on guaranteed liabilities are the primary focus of the new

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Early Xmas present for 'most Icesave customers'
Most British savers who had money tied up in the failed Icelandic bank Icesave have received their money back before Christmas, it has been claimed. Over 200,000 British people had money in the bank when

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Mortgage approvals fall in November
Despite a 1.5 per cent cut in interest rates, mortgage approvals slumped during November to a record low for the month, new figures have revealed. According to the British Bankers Association (BBA), 17,773

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Which? criticises unexplained mortgage withdrawal
A lender that threatened to remove mortgage credit from a customer without warning have been slammed by a consumer watchdog. The comments follow reports that a family had been given just 30 days to pay

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Consumers consider Christmas 'stocking' gift
More than one quarter (26 per cent) of consumers are considering offering a stock market gift as a present this Christmas, new research has shown. Nearly half (46 per cent) of those surveyed in the Lloyds

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NatWest to cut fixed mortgage rates
NatWest and RBS have announced they will be cutting their rates across their standard fixed-rate mortgages. Rates on the standard two-year fix, which offers a loan-to-value (LTV) ratio of 60 per cent,

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Social fund loans to remain 'interest free'
Poor families will not be forced to pay interest on previously interest-free social fund loans, the government has stated. A recent consultation had included proposals that could have introduced interest

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