Real Estate & Economic News in United Kingdom from Propertyshowrooms.com

Spring boost fails to materialise in UK property market

Wed, 15 Jun 2011 00:00:00 GMT

Fears over the health of the UK economy and a lack of available mortgage finance meant that the expected spring boost in the residential market failed to materialise, it has been suggested.

The latest report from the Royal Institution of Chartered Surveyors (Rics) found that transaction and activity levels in the country remained depressed in May, with only five per cent of surveyors reporting an increase in sales compared to the previous month.

Completed sales per surveyor also fell by 3.4 per cent in the three months to May, to just 14.7, the lowest level since January.

House prices, meanwhile, 28 per cent more surveyors reported price falls rather than rises, the lowest reading since the beginning of the year. However, of those respondents seeing falling prices, the vast proportion, 82 per cent, reported declines within the zero to two per cent margin.

"Buyer interest in purchasing property remains flat across much of the country and there is little sign of this changing any time soon," said Rics housing spokesperson, Ian Perry.

"Uncertainty over the economic outlook remains as important as the availability of mortgage finance in depressing demand."

Seaside towns enjoy exponential property price growth in the UK

Mon, 6 Jun 2011 00:00:00 GMT

Seaside towns in England and Wales have enjoyed massive growth in property values over the past ten years, with many seeing prices more than double over the period.

The latest research from Halifax noted that average house prices rose by 128 per cent in many coastal areas.

Southern seaside towns were found to be the most expensive, with a significant North-South divide in house prices emerging, the firm said.

Indeed, all ten of the most expensive seaside towns are on the south coast with Sandbanks in Dorset coming out on top with an average house price of £532,652

This is followed by Padstow (£381,916), Wadebridge (£370,902) and Fowey (£363,494).

Nitesh Patel, housing economist at Halifax, commented: "Seaside towns have always been popular places to live, but they have perhaps become even more so in recent years. This is certainly true if we take house prices as an indicator of desirability.

"Over the past decade, the average house price in seaside towns has risen at a faster rate than for all properties in England and Wales generally."

UK property market remains stagnant

Thu, 14 Apr 2011 00:00:00 GMT

Low property sales levels and falling demand for real estate in the UK led to six per cent more surveyors reporting a fall in new buyer activity last month.

The results of the latest Housing Market Survey from the Royal Institute of Chartered Surveyors (Rics) suggest that the country's market remained stagnant in March.

Across the UK, 23 per cent more chartered surveyors revealed that they had seen prices fall over the course of the month, albeit with values only dropping between zero and two per cent.

London was the only region which reported a rise in prices, highlighting the fact that the capital is operating under different market conditions to the rest of the country.

Rics housing spokesman Ian Perry said: "The rather negative outlook for property prices across the UK seems to better reflect the general economy than the micro climate of London.

"The low level of buyer interest in many parts of the UK continues to impact on the market, resulting in some downward pressure on prices."

Meanwhile, it follows the release of statistics from the Land Registry which found the value of a residential property in England and Wales dropped by 1.7 per cent in February.

UK property prices rise for second consecutive month

Tue, 22 Mar 2011 00:00:00 GMT

Property in the UK enjoyed its biggest increase in asking prices since May 2010 this month, the latest figures have found.

According to statistics compiled and released by the Find a Property website, prices climbed by 0.5 per cent over the course of the month.

The news may be of interest to individuals looking at UK property, with the rise suggesting that there are now opportunities to make a return on real estate within the country.

The price increase is the second month in a row that the housing market has seen a return to positive growth, following an increase of 0.3 per cent in February, the real estate portal said.

Nigel Lewis, property analyst at the firm, noted that it has been a year since asking prices rise for consecutive months.

"The unpredictable nature of the housing market means that it's impossible to predict how prices will behave throughout the rest of 2011, but this month's figures do indicate that consumer confidence is still present," he added.

Prime London property set for consistent growth

Wed, 16 Feb 2011 00:00:00 GMT

Rising demand and a shortage of supply will ensure that prime central London property prices continue on their upward growth spiral over the coming five years, the latest forecast from Cluttons has said.

The property consultancy claims that top-end home values will have risen by at least 2.5 per cent by the end of 2011, with further increases expected in the medium-term.

Demand from domestic investors is also likely to boost the market, with many buyers competing for the limited supply of prime property available.

"While prime central London in particular continues to benefit from overseas investors, the return of the domestic buyer to the market can in part be attributed to the return of bonuses increasing buying power, which will stiffen competition and pent-up demand from buyers who have been waiting to re-enter the market," explained James Hyman, partner for residential sales at Cluttons.

However, the forthcoming stamp duty increase to five per cent for properties over £1 million is may play an important part in transaction levels, the firm added.

Sellers look to reduce asking prices in UK market

Fri, 11 Feb 2011 00:00:00 GMT

Weaker than expected demand is leading a number of residential property sellers in the UK to reduce their asking prices, new research has found.

Property website Zoopla.co.uk has revealed that 37.4 per cent of all homes currently on the market have been reduced at least once.

And vendors are taking off an average of 6.9 per cent of the original asking price in an attempt to coax individuals into buying property in the UK.

According to the firm, the news is a representation of sellers becoming more realistic in terms of expectations and is it is likely to be viewed as a welcome sign by hard-up buyers.

The trend is most evident at the top end of the market, with the average discount for prime properties wroth over £1 million climbing to ten per cent off the original asking price, up from eight per cent in November.

Nicholas Leeming, commercial director of Zoopla.co.uk, commented: "As a result of weaker than expected demand in the last half of last year, sellers have progressively reduced asking prices to more realistic levels in order to achieve sales."

UK housing market 'remains sluggish'

Wed, 9 Feb 2011 00:00:00 GMT

A lack of demand and a low level of supply meant that the UK residential property market remained "sluggish" during January.

These are the findings of the latest report from the Royal Institution of Chartered Surveyors (Rics), which added that demand for homes fell by seven per cent in January compared to the previous month.

However, despite the slow market, many surveyors remain optimistic about the future, with the sales expectations net balance edging up from +8 to +10.

And although price expectations remained negative, a lower percentage of those questioned forecast falls than rises in the coming months, those looking to buy property in the UK may be interested to learn.

"Uncertainty over the prospects for employment, alongside the shortage of mortgage finance particularly for first time buyers continues to weigh heavily on transactions levels," said Rics spokesperson Ian Perry.

Meanwhile, new research conducted by Halifax has found that the average cost of a house in the UK has climbed by 91 per cent over the past decade.

UK buyers paying cash for home purchases

Mon, 7 Feb 2011 00:00:00 GMT

UK-based property buyers are happier investing their money in real estate than they are storing it in a bank, it has been suggested.

According to figures released by West End-based estate agents LDG, there has been a 20 per cent increase in the number of property buyers paying in cash, compared to the same period in 2009.

Indeed, the firm explained that a total of 88 per cent of its buyers paid cash for their real estate purchases.

"Low interest rates could be an explanation for this sudden increase in cash buyers, as money in the bank is not earning a good return, so people are keen to invest in something they believe to be more lucrative," said Laurence Glynne, partner at LDG.

"People can see the stability and growth in the West End property market and feel it is a safe place in which to invest. It has benefitted from a number of regeneration schemes over the last few years and more are in the pipeline, which has boosted property prices."

Average property prices rocket in UK over last 10 years

Tue, 1 Feb 2011 00:00:00 GMT

Average house prices in the UK have rocketed up by 91 per cent over the past ten years, according to new research by Halifax.

Based on the company's own data, the national average price rose by over £78,000 from £86,095 in 2000 to £164,310 at the end of 2010.

Those looking to buy property in the UK may be interested to learn that home values in the north of the country have outperformed the south in the last decade.

Indeed, prices in the north have risen by an average of 102 per cent compared with 75 per cent in the south, Halifax said.

This has also helped to stem the gap between home values in the different regions.

Suren Thiru, Halifax housing economist, commented: "The turn of this century marked the start of a period of strong house price growth across the UK.

"The traditional home of price gains, the south, was left behind by strong growth in the north where house prices more than doubled over the period."

UK property prices to fall 2.5% in 2011

Thu, 6 Jan 2011 00:00:00 GMT

Average property prices in the UK are expected to fall by around 2.5 per cent in 2011, experts have predicted.

According to a survey of real estate professionals by Bloomberg, government spending cuts are the main cause of the declining values.

Speaking to the news provider, David Newnes, managing director of agents LSL Property Services, confirmed: "Buyers remain tentative about the impact of government spending cuts and the prospect of unemployment in 2011.

"There are simply too many properties coming onto the UK market that are struggling to find buyers."

It is expected that the biggest drops in value in 2011 will be seen in north-east England, Northern Ireland and parts of Scotland.

For those looking to buy property in the UK, the news could act as an incentive to make a purchase this year when real estate values fall.

Meanwhile, new figures from the Halifax have shown that mortgage affordability in the UK has risen to a 12-year high.

UK average home prices drop in September

Fri, 19 Nov 2010 00:00:00 GMT

Average UK residential property prices fell by 0.8 per cent during September, according to the latest figures from the Department of Communities and Local Government.

But despite the slight fall, home values in the country still remain 6.1 per cent higher than they were a year previous, those looking to buy property in the UK may be interested to learn.

In addition, the statistics show that average prices were 0.7 per cent lower over the quarter to September 2010 compared to a quarterly increase of 1.6 per cent in June.

However, Simon Rubinsohn, chief economist at the Royal Institution of Chartered Surveyors (Rics), said it is significant that the quarter-on-quarter comparison figure is also still in positive territory.

"Although it is likely that prices will slip a little further in the near term, the more balanced picture between demand and supply coming through in recent Rics Housing Market Surveys suggests the downside will be quite limited," he explained.

Mr Rubinsohn added that the most pressing issue to come out of the figures was the current low level of transaction activity taking place at present.

UK real estate sector ready for growth

Thu, 4 Nov 2010 00:00:00 GMT

The UK real estate sector is expected to slow going into 2011 before expanding again in 2012, it has been claimed.

Individuals looking to buy property in the UK are sure to be interested in the latest predictions made by property consultancy firm Cluttons.

Home values in the first six months of 2011 are predicted to fall before stabilising during the second half of the year, the company said in a report.

Added to this, the market is forecast to return to strength and post growth of four per cent in 2012 and five per cent in 2013.

"The balance of power in most locations in the mainstream UK housing market has moved back firmly into the hands of purchasers, placing downward pressure on prices," said Andrew Stanford, head of Cluttons' residential consultancy division.

"We expect this dynamic will be maintained over the next 12 to 18 months as austerity measures take effect.

London continues to attract investors

Tue, 26 Oct 2010 00:00:00 GMT

The property market in central London is expected to be "very strong" over the course of the coming year, it has been claimed.

Individuals looking at purchasing property in the UK are sure to be interested in the latest comments from the Frogmore Property Company.

Indeed, Paul White, managing director of the firm, explained that both foreign and domestic buyers were looking to take advantage of the strong London market.

"There are a lot of people wanting to invest and buy a home in the UK. There are also people in the UK who want to buy homes and it is still at that level," Mr White said.

"It is quite a strong market and I think that will be a winner going forward," he added.

The expert's comments come just after figures from Knight Frank revealed that the rents for luxury homes in the capital rose for the 15th consecutive month.

Spending review ‘damaging’ to UK property sector

Fri, 22 Oct 2010 00:00:00 GMT

The recent cuts announced by chancellor George Osborne in the comprehensive spending review will have an impact on the UK’s property and construction sector.

Real estate experts have said that this is then likely to have a knock-on effect on the country’s economy as a whole.

The Royal Institution of Chartered Surveyors (Rics) has issued a warning to the government that it is gambling with the economy by reducing Communities and Local Government capital spending by 74 per cent over the coming four years.

“This will have a significant effect on housing supply, especially social housing, which is already at historically low levels. As well as reducing the number of affordable homes this could have a wider impact on the housing market where continued low supply will create affordability issues,” said Mark Goodwin, Rics director of external affairs.

Meanwhile, estate agent Douglas & Gordon predicted that the spending review could lead to an influx of foreign buyers entering the UK property market.

Spending review ‘could’ damage UK property market

Tue, 19 Oct 2010 00:00:00 GMT

The forthcoming comprehensive spending review set to be announced later this week (October 20th) will have a negative effect on the UK property market.

Analysts have predicted average price falls of five per cent over the coming 12 months as a result of the austerity measures which will be implemented.

The index, published by Rightmove, also shows that asking prices increased by 3.1 per cent during October compared to the same period a year ago, although it described the increase as “illogical”.

“Given the challenges of the current market, the behaviour of sellers in raising their average asking prices by over £7,000 takes some explaining,” said Miles Shipside, director of Rightmove.

“This month’s comprehensive spending review is likely to have a negative effect on housing market sentiment and consequently challenge further any perception of pricing power among sellers.”

Meanwhile, the International Monetary Fund recently described the UK’s current economic situation as “worrisome” and warned that there is a risk of a double-dip in the country’s property market.

UK faces risk of double dip in property

Wed, 13 Oct 2010 00:00:00 GMT

Those looking to buy real estate in the UK should be aware that the country is facing the risk of a double dip in its property market as prices remain elevated.

This is the warning that has been given by the International Monetary Fund (IMF) in its latest World Economic Outlook, with the body describing the current situation as “worrisome”.

According to the IMF, house prices are still high based upon traditional valuation yardsticks and governmental intervention may not go far enough to prevent another crash in the market.

It comes in the wake of the latest property index figures showed that even the traditionally strong market of London is not immune to falling prices.

The latest figures from Knight Frank show that the average cost of a property in London fell by 0.2 per cent in September – the third monthly decline in a row.

Liam Bailey, head of residential research at Knight Frank, said: “There is no doubt that the market slowed over the summer period and as we move through the autumn market there is a more cautious approach from potential buyers. Which means that vendors are having to look very carefully at pricing.”

UK property prices fall, Halifax index shows

Sat, 9 Oct 2010 00:00:00 GMT

Property prices in the UK fell by an average of 3.6 per cent during September, the latest index for the country shows.

According to the Halifax report, year-on-year house values have increased by just 2.6 per cent, while analysts claim that this could be the start of a sustained period of declining prices.

Indeed, Martin Ellis, of Halifax, said that an increase in the number of properties for sale in recent months has exerted some downward pressure on house prices over the course of the past few months.

"At the same time, renewed uncertainty about the economy and jobs has caused consumer confidence to falter recently, dampening the demand for home purchase," he explained.

"Prospects for the housing market remain uncertain. Earnings growth is expected to be very modest over the next year, tax rises are on the way and more people are putting their homes on the market."

However, those looking at property in the UK will be pleased to hear that Mr Ellis is confident that interest rates will remain low.

UK property prices continue to fall

Wed, 22 Sep 2010 00:00:00 GMT

The latest property index for the UK has backed up predictions that house prices will fall in the second half of 2010.

Rightmove's data has shown there to have been a decline in values over the last three months, with asking prices falling again in September and eating in to the gains seen during the first half of the year.

Following drops of 1.7 per cent in August and 0.6 per cent in July, UK property prices fell 1.1 per cent this month.

The real estate website's findings are in line with other surveys showing house prices have stumbled in recent months - a phenomenon many commentators are attributing to uncertainty surrounding government spending cuts and an increasing supply.

Miles Shipside, commercial director of Rightmove, explained: "The surge of extra stock has left the market with a real supply hangover. Sellers' attempts to hold onto price gains made earlier in the year have suffered from a relentless stream of fresh property."

Property in Scotland cheaper than UK average

Thu, 2 Sep 2010 00:00:00 GMT

Property in Scotland is cheaper than the rest of the UK, according to ESPC.

David Marshall, a business analyst at the firm, said that the average house price in Scotland is generally lower than in other parts of the UK, and has been for years.

"Scotland has always been comparatively affordable compared to the rest of the UK, but that isn't uniform across the board. There are areas where average house prices in Scotland are much higher than the UK average," he added.

Mr Marshall's comments follow data from Lloyds TSB Scotland's latest Scottish House Price Monitor, which highlighted that the nation's housing market's recovery from the recession has currently paused.

On an annual underlying basis, house prices in Scotland have increased 0.8 per cent, however, in the three months to July 31st 2010, the quarterly price index for the average domestic property in Scotland fell 2.9 per cent on the previous quarter.

The average price of a Scottish property now stands at £159,217.

UK proving popular with buy-to-let investors

Tue, 24 Aug 2010 00:00:00 GMT

The UK is proving increasingly popular with buy-to-let property investors, it has been claimed.

According to furniture solutions provider Fully Furnished, a growing number of overseas investors are looking at property in the UK, and London in particular, as confidence improves.

"Although still faced with its challenges, there is more confidence currently in the UK property market and demand for rental properties remains very strong. Recognising the increase in rents now being achieved, we are seeing more international investors than ever choosing to make an investment purchase in our capital city," the firm's managing director Alec Watt stated.

Last week, it was reported that house prices in London have fallen during August, wiping out gains made in the first half of the year.

According to the Rightmove real estate index, asking prices in the capital city fell 4.1 per cent to an average of £405,058, marking the biggest drop in two years.

UK house prices set for modest falls

Thu, 15 Jul 2010 00:00:00 GMT

Investors in the UK property market may be interested to hear the latest predictions from the Royal Institution of Chartered Surveyors (RICS).

According to the body, the surplus of real estate available on the market during the second half of 2010 is likely to lead towards residential prices in the country falling.

However, RICS claims that over the six-month period sales will gradually increase.

The June Housing Market Survey shows that demand from new buyers fell for the second time since October 2008 during the month, which reflects the uncertainty surrounding the economy.

"A shortage of stock has been one factor holding back transaction activity in the housing market, but the abolition of HIPS is helping to belatedly address this issue," said RICS spokesperson, Jeremy Leaf.

"However, with supply of property now beginning to outstrip demand, there is a risk of some modest slippage in prices during the second half of the year."

Meanwhile, there is likely to be an increase in activity within the central London property market now that the election and Emergency Budget have passed, London Central Portfolio has claimed.

UK property market recovery reliant on incoming government

Wed, 12 May 2010 00:00:00 GMT

The steps taken by the next government to tackle public sector debt and implement spending cuts will have the largest effect on the property market, it has been claimed.

This is the view of Yolande Barnes, head of Savills' residential research department, who believes that a hung parliament will have a negative effect on sales and the sector's recovery.

Ms Barnes explained that until clarity was achieved on economic policies and tax increases, the market is likely to stall.

"This will take time to determine and the housing market hiatus will continue until there is more certainty," she confirmed.

Furthermore, according to research conducted by Knight Frank, political uncertainty is expected to present new risks for property.

However, the property company is standing by its prediction that a slight annual loss of three per cent will be seen overall in the sector.

According to the Halifax house price index, UK property values fell by an average of 0.1 per cent in April, following a one per cent increase in March.

Economic uncertainty likely to slow UK housing market recovery

Fri, 30 Apr 2010 00:00:00 GMT

The UK housing market is unlikely to experience any significant changes within the next year, the Council for Mortgage Lenders (CML) has claimed.

According to the organisation, uncertainty surrounding the forthcoming general election and economic recovery are causing a number of individuals to put off purchasing property.

A spokeswoman for the CML explained that the market is likely to experience a mixture of ups and downs but that significant movement is unlikely due to the lack of transactions currently taking place.

"There will be ups and downs but what we think is that everything is going to be flat for the rest of the year and there is not going to be a lot of movement either way," she explained.

Property analyst Hometrack recently revealed that house prices in the UK rose by 0.2 per cent during April compared to the previous month.

However, the organisation claimed that the increase was bolstered by above-average growth of real estate values in London of 0.6 per cent.

Barclays Bank In £8bn Writedown

Mon, 26 Jan 2009 00:00:00 GMT

Barclays bank has issued an open letter to the stock market to reassure investors after announcing a £8bn writedown of its assets...

Recession 'to hurt southern cities less'

Mon, 26 Jan 2009 00:00:00 GMT

The south of England will see its cities hit less by the recession than the north according to a new report, something that could affect property prices...

British economy weakens sharply

Thu, 22 Jan 2009 00:00:00 GMT

LONDON: Britain's economy is weakening fast, official data showed on Wednesday, with more figures due this week expected to confirm the country has...

Bank deposits at ECB drop sharply

Thu, 22 Jan 2009 00:00:00 GMT

The amount of cash eurozone banks park at the European Central Bank dropped dramatically and overnight market rates moved sharply lower as the full force of last week's interest rate decision came into effect...

Scots economy 'clearly weakening'

Tue, 20 Jan 2009 00:00:00 GMT

Scotland's economy is weakening in the face of the financial crisis, the Scottish Government's chief economic adviser warns...

Britain announces second bank bailout

Mon, 19 Jan 2009 00:00:00 GMT

Britain has thrown its troubled banks another multi-billion pound lifeline by allowing them to insure against steep losses and guaranteeing their debt to stop the credit crunch pushing the economy into a deep slump...

New measures to help UK banks

Mon, 19 Jan 2009 00:00:00 GMT

The government is to offer insurance to banks against their losses from toxic debt as it tries to encourage them to lend again...

RBS set to report record UK loss

Mon, 19 Jan 2009 00:00:00 GMT

Royal Bank of Scotland is heading for a record UK deficit, while the government's stake in RBS will rise to nearly 70%...

UK ban on short-selling expires

Fri, 16 Jan 2009 00:00:00 GMT

The ban on the short-selling of 34 financial stocks has been lifted, providing a key test for the embattled banking sector...

Gieve warns further action needed to aid recovery

Fri, 16 Jan 2009 00:00:00 GMT

Bank's deputy governor says further action is likely to be needed on interest rates, fiscal stimulus and support for the banking system, to enable the UK economy to recover from recession and the banking crisis...

RBS sells Bank of China holding

Wed, 14 Jan 2009 00:00:00 GMT

Royal Bank of Scotland raises $2.34bn (£1.6bn) by selling its entire stake in Bank of China, the mainland's third biggest lender...

Slowest house sales in 30 years reported

Tue, 13 Jan 2009 00:00:00 GMT

Figures from the Royal Institution of Chartered Surveyors show that the average number of homes sold per surveyor's office fell to 10.1 in the three months to December...

UK economy fall 'frightening'

Tue, 13 Jan 2009 00:00:00 GMT

Business leaders paint a bleak picture of the UK economy, with a survey suggesting a "frightening deterioration"...

UK govt to hold 43.4 percent of Lloyds-HBOS bank

Mon, 12 Jan 2009 00:00:00 GMT

The British state is to take a 43.4 percent stake in the combined Lloyds TSB-HBOS bank after shareholders largely shunned both lenders' rights issues, the two banks said on Monday. Existing shareholders bought just 0.5 percent of the Lloyds...

Pound eases after record run

Mon, 12 Jan 2009 00:00:00 GMT

The pound retreated on Monday, as traders took profits following a strong run last week and as Ireland accused the UK of engineering the sterling's recent slump...

Chartered surveyor predicts 'positive' 2009

Fri, 9 Jan 2009 00:00:00 GMT

Positive feedback from estate agents means there are reasons to be positive about the housing market in 2009, it has been stated...

Euro down on rate cut prospect

Fri, 9 Jan 2009 00:00:00 GMT

The euro suffered this week as deteriorating eurozone economic data heightened the prospects for further interest rate cuts in the region...

Housing market unlikely to pick up this year

Fri, 2 Jan 2009 00:00:00 GMT

More than six in 10 economists believe 2009 will be a year in which to avoid buying property, with prices falling into 2010. This still leaves a significant minority...

2009: 'One Of Toughest Years Yet'

Thu, 1 Jan 2009 00:00:00 GMT

One in ten people could lose their job within two years, as the British Chambers of Commerce warns 2009 could be one of UKplc's toughest years ever...

FTSE 100 index has its worst year

Wed, 31 Dec 2008 00:00:00 GMT

The financial brutality of 2008 is confirmed, as the FTSE 100 share index has its worst year since its inception in 1984...

Bank 'did not understand crisis'

Mon, 22 Dec 2008 00:00:00 GMT

The Bank of England did not understand the severity of economic problems before the crisis, its deputy head says...

Libya emerges from sanctions with investment

Fri, 12 Dec 2008 00:00:00 GMT

A sovereign wealth investment group in the country will buy an office building in London for about £120m, its first commercial property transaction in Britain in decades...

Second attack on UK fiscal moves

Fri, 12 Dec 2008 00:00:00 GMT

A second German politician breaks with diplomatic convention and criticises the UK government's attempts to tackle the downturn...

UK says Merkel backs fiscal boost

Fri, 12 Dec 2008 00:00:00 GMT

UK foreign secretary David Miliband says that the German government supports a pan-European stimulus plan...

FT index adds to house price gloom

Fri, 12 Dec 2008 00:00:00 GMT

House prices in England and Wales fell by 1.7 per cent in November, as measured by the FT House Price Index, registering the ninth consecutive monthly drop and wiping out all housing equity earned for the past two years...

Big banks not passing on rate cuts

Fri, 5 Dec 2008 00:00:00 GMT

Britains's biggest banks defied Gordon Brown last night by failing to pass on the lowest interest rates for more than 50 years...

Global house prices - Popping sounds!

Fri, 5 Dec 2008 00:00:00 GMT

“WHAT happens here, stays here” is a slogan used to attract tourists to Las Vegas. Sadly, it is not true of the state of the city’s housing market. In September, they were 31.3% lower than a year ago, according to an S&P/Case-Shiller index of American house prices, and Vegas’s problems are now spreading all over...