UK economy grew by 0.3%

Is Britain emerging from the recession quicker than first thought?

"The headline GDP growth rate for the last quarter of 2009 has been revised up to 0.3 per cent from the preliminary estimate of 0.1 per cent made last month..."

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Revenues down 6%, say Rightmove

Rightmove announced their full year results for 2009:

"Revenues were down 6% as a result of estate agency branch closures in 2008. However, by the end of 2009 overall advertiser numbers had bounced back to show year-on-year growth of 6%. Rightmove's underlying operating profit grew slightly as a result of stringent cost management..."

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Nationwide: House prices fall by 1.0%

The latest Nationwide House Price Index reveals:

“The price of a typical UK property fell by a seasonally adjusted 1.0% month-on-month (m/m) in February, ending a strong run of nine consecutive monthly increases..."

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Rents increase 1.2%

The latest FindaProperty.com Rental Index reveals:

"Following two months of declining rents over the festive period and New Year, rents increased 1.2% to £814pcm in February from a low of £804pcm..."

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Mortgage transactions at their highest since 2008

According to The Mortgage Trading Exchange (mte):

"The number of weekly mortgage transactions have reached their highest recorded figure since October 2008..."

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Royal Bank of Scotland announces £3.6bn of losses

The Royal Bank of Scotland Group have today released their Full Year Results 2009:

"2009 operating loss narrowed to £6.2 billion from £6.9 billion in 2008, with loss before tax falling to £1.9 billion from £8.3 billion in 2008..."

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FSA fines Tenon £700,000

The Financial Services Authority has today fined Tenon £700,000 for advice failings:

"The Financial Services Authority has today fined RSM Tenon Financial Services Limited £700,000 for significant failings in its advice and sales processes relating to Lehman-backed structured products..."

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First direct launches new life tracker mortgage

first direct has introduced:

"A new Life Tracker mortgage with a loan to value of 85% at 3.49% above base rate, currently 3.99%. A 75% LTV at 2.89% and 65% LTV at 2.39% are also available. The new 85% LTV repayment mortgage carries an arrangement fee of £499..."

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Mortgage company accidentally discloses over 15,000 account details

The Information Commissioner's Office (ICO) announces:

"Redstone Mortgages Ltd in breach of the Data Protection Act (DPA) after personal information relating to 15,333 mortgage accounts was emailed to a member of the public by mistake..."

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Skipton to merge with Chesham Building Society

Skipton is to merge with Chesham Building Society, creating a Society with over £15bn of assets and a 92-strong branch network:

"Subject to confirmation by the Financial Services Authority (FSA) and approval by Chesham members, the merger is expected to become effective on 1 June 2010..."

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FSA censures Park Row, announces redress of up to £7.8m and fines former CEO

The Financial Services Authority have today:

"publicly censured Park Row Associates Limited (Park Row), a national IFA network, for failing to ensure its sales were suitable and secured customer redress estimated at between £5m and £7.8m..."

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Leeds Building Society delivers record operating profit

Strong profit results for Leeds Building Society today:

"Pre-tax profit rises to £31.7m (2008 £20.3m). Capital and reserves increased to a record level of £543m (2008 £526m)..."

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Savers pay £13bn extra tax

According to research by Clydesdale & Yorkshire Banks:

"Since the launch of ISAs in 1999, savers have invested approximately only one sixth of what they potentially could in ISAs, meaning millions have been paying tax on their returns unnecessarily..."

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Credit card debt increases by £4billion

According to Unbiased.co.uk:

"As a nation we will spend the first 50 days of 2010 just to earn enough money to pay off the interest on our debts. This means that so far we haven't even started re-paying the actual debt itself..."

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MyIntroducer.com 2010 Industry Award Winners announced

We have announced the winners of our Industry Awards poll:

"We would also like to thank everyone who helped make the Awards possible, each of the Award sponsors and everyone who helped promote a good, honest industry awards program..."

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The fixed rate mortgage comes of age

Halifax publishes research into the fixed rate mortgage:

"This important section of the market has recently 'come of age' – it's been just over 21 years since the launch of the fixed rate mortgage..."

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Post Office expands mortgage range and cuts rates even further

The Post Office has cut the rates on its fixed and tracker mortgage products:

"The rate changes will take effect immediately and will coincide with the launch of a new range of 75% loan-to-value (LTV) mortgages..."

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Six charged in £50 million mortgage fraud

Following a hearing at City of London Magistrates' Court:

"Six individuals have been charged with offences in connection with a series of high value commercial mortgage frauds..."

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Public sector net borrowing at £4.3 billion

The Public Sector Finances index, January 2010, published by Office of National Statistics, reveals:

"Public sector net borrowing was £4.3 billion; £9.6 billion higher net borrowing than in January 2009, when net borrowing was -£5.3 billion..."

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61% of renters can't afford to buy

According to the Rightmove Q1 2010 Consumer Confidence Survey: Rental Forecast:

"61% want to buy a property now but are unable to afford to do so. Although the quarterly increases have been modest, this is the third successive rise in the proportion of renters who consider themselves priced out of the resale sector..."

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FSA: Glasgow stock broker firm fined £101,500

The Glasgow stock broking firm, Direct Sharedeal Limited, was fined £101,500 for:

"Its appointed representative, First Colonial Investments LLP, using misleading sales pitches which failed to set out the inherent risks of buying penny shares..."

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Gross mortgage lending falls 32%

According to the Council of Mortgage Lenders:

"Gross mortgage lending declined to an estimated £9.1 billion in January, a 32% fall from £13.4 billion in December and a 21% fall from £11.5 billion in January 2009..."

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Halifax: ISA accounts rise by 53% since 1999

The number of ISA accounts has risen by 53% since 1999 reveal the Halifax:

"It's clear that ISAs hold an enduring appeal with savers with take up growing some 53% over its history. It's encouraging to see that the youngest savers are also keen to benefit from the tax free status the ISA wrapper offers with growth highest amongst the under 25s..."

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Platform launches new 2 year fixed rate mortgage

Platform have announced the launch of a new two year fixed mortgage:

"With a headline rate of 3.44 per cent and has doubled the number of intermediary partners it is available to..."

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Buy-to-let proving a worry for mortgage lenders

Moore Blatch have published the results from their latest repossessions report:

"65% of mortgage lenders are worried about an increase in buy-to-let repossessions if rental yields reduce..."

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House prices continue to rise

Communities and Local Government have released the latest UK house price index:

"Statistics reveal that UK house prices were 2.9 per cent higher than in December 2008 and 0.8 per cent higher than in November 2009..."

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FSA fine executives £1.16m for market abuse

This is the largest fine by the FSA against an individual for market abuse:

"The Financial Services Authority (FSA) has fined Mehmet Sepil, the chief executive officer of Genel Enerji, a Turkish oil exploration company, £967,005 for dealing in the shares of UK listed Heritage Oil Plc (Heritage) on the basis of inside information..."


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Scottish housing market continues to recover

The latest Scottish House Price Monitor from Lloyds TSB Scotland shows:

"In the three months to 31 January 2010, the quarterly price index for the average domestic property in Scotland rose 5.9 per cent on the previous quarter. Following seasonal and mix adjusting, the average Scottish house price rose to £160,074..."

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UK inflation rises To 3.5%

The Office for National Statistics report inflation in the UK jumped to 3.5% in January from 2.9% in December:

"The CPI fell by 0.2 per cent between December and January. Although negative, this is the strongest ever CPI growth between these two months..."

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Barclays bank report £11.6bn profits

This morning, Barclays bank announced a 92% rise in full-year profits to £11.6bn:

"Barclays delivered profit before tax of £11,642m in 2009, an increase of 92% on 2008. Excluding a gain of £6,331m realised on the sale of Barclays Global Investors, profit before tax was £5,311m..."

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4 in 10 savers set to turn their back on ISAs this year

Moneysupermarket.com polled over 1,200 users and the results revealed that 37% of respondents were planning not to use their ISA allowance for this year:

"With a flat, low Base Rate over the past 12 months, it has been tough for savers and the outlook for 2010 is not much better, especially with a rise in inflation, which erodes the real returns on your savings..."

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Walls & Futures London Growth Fund added to AJ Bell & Transact

The fund has a 5 year life with a target return of 10.49%:

"Returns will be generated by acquiring assets below market value which will be refurbished or redeveloped to create additional value. Returns will be further enhanced through active portfolio management..."
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Nationwide announces new rates on Fixed Rate Bonds

Nationwide launched new rates on several of their fixed rate bonds on Friday, 12th February:

"Nationwide Building Society announced details of new rates for a number of its Fixed Rate Bonds, e-Bonds and the Combination Savings Bond, which all offer guaranteed interest rates for savers..."

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3.2% rise in house prices

Results from the latest Rightmove House Price Index reveal a monthly rise of 3.2% which has not been beaten since April 2007:

"The stock-starved housing market saw a welcome increase in the number of properties coming to market during the month, with over 90,000 new listings on Rightmove. Sellers appear to be hoping for a prosperous new year, and are asking an average of 3.2% more than last month..."
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CML: Stamp duty rush caused 2yr December high in first-time buyers

According to the Council of Mortgage Lenders:

"The number of loans to first-time buyers hit a two-year high in December 2009, driven by a rush to buy properties in the £125,000 - £175,000 bracket before the year-end stamp duty concession expired..."

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Rents fall as landlords rush for stamp duty tax break

LSL Property Services have released the results from its latest Buy-to-Let Index:

"Yields on residential property fell to 4.75% in January as rents slipped while property prices powered ahead. This is the lowest level since August 2008..."

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Northern Rock reduces selected mortgage rates

Northern Rock will reduce some of its mortgage product rates today:

"Selected residential 2 Year Fixed rates will be reduced by as much as 0.40%, and selected residential 2 Year Trackers will reduce by 0.10%..."

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FSA increases annual funding by 10%

The Financial Services Authority have announced their proposed annual funding requirement for this year:

"The budget reflects the FSA's determination to continue delivering intensive supervision and the substantial international regulatory reform agenda. It will require an increase of 9.9% in overall funding..."

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CML: Mortgage arrears and possessions declined

According to the Council of Mortgage Lenders, mortgage arrears and possessions declined in the forth quarter of 2009:

"Mortgage lenders took 10,200 properties into possession in the fourth quarter of 2009 - 13% lower than in the third quarter, and 2% down on the fourth quarter of 2008..."

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NAEA: Positive start to 2010

The National Association of Estate Agents have released January's Market Housing Report where results show that estate agents over the course of the month managed to increase the number of sales they agreed, despite the unprecedented weather conditions:

"The number of house-hunters registered per branch increased from 251 in December to 291 in January..."

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London leads housing market recovery

According to the latest House Price & Affordability Index from FindaProperty.com the big annual rises were in London whilst the north and west have yet to catch up:

"The recovery in the housing market is being led by London and regions in the south and east of the country..."

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Buy-to-let lending rises

The CML have released Buy-to-Let lending figures today which show that buy-to-let lending has picked up towards the end of last year:

"New buy-to-let lending increased for the second consecutive quarter in the last three months of 2009..."

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Repossessions to rise in 2010

The annual Moore Blatch 2010 repossessions report has been published today and the results don't look too good:

"67% of mortgage lenders and repossessions experts predict an increase in the number of repossessions in 2010..."

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Yorkshire launch lowest ever headline 2 year fixed rate mortgage at 3.09%

Another cut in mortgage rates today, this time from Yorkshire Building Society:

"YBS is launching its lowest ever 2 year fixed rate mortgage at 3.09% along with a number of cuts across its range of fixed rate products by up to 0.40%..."


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Abbey reduce rates on fixed rate products

Abbey have reduced rates on a few of their mortgage products today people!

"Abbey are reducing the rate by up to 0.25% on their 70% LTV 5 Year Fixed rate products to 4.99% on their Homebuyer product and 5.15% on their Remortgage product..."

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Google set to transform the property market

Hi Guys, interesting article released today by Movewithus:

"Google could be about to transform property searches in the UK, becoming the ultimate aggregator of aggregators..."

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