Home repossessions drop 9pc to five-year low


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Home repossessions drop 9pc to five-year low

Home repossessions drop 9pc to five-year low
Home repossessions have fallen to their lowest level in five years, according to the Council of Mortgage Lenders. There were 33,900 repossessions in 2012, a 9 per cent drop and the lowest level since 2007.
The Daily Telegraph Business, p. 4
Also appeared in : Independent i, p.50, The Times, p.57, The Times, p.46

Buy-to-let loans rise to four-year high of 1.4m
The number of buy-to-let mortgages reached its highest level for four years last year, as record rents encouraged landlords to expand their property portfolios. Gross buy-to-let lending reached £16.4bn over the year, up 19% on the £13.8bn advanced in 2011, the Council of Mortgage Lenders (CML) said.
The Guardian, p. 39

Why first step is still the hardest
According to the Council of Mortgage Lenders (CML) a total of 216,200 first-time buyers climbed onto the housing ladder in 2012, the highest number since 2007. Between 1997 and 2002, an average of 543,000 people each year achieved the homeowning dream. The average between 2007 and 2012 was 197,000.
The Times Bricks and Mortar, p. 4

House prices rose by 3.3 per cent in the 12 months to November, with every region showing growth except Northern Ireland, which was down by 5.7 per cent over the period, and the North East, which moved 0.6 per cent lower. The survey from the Office for National Statistics highlights the buoyancy of London and the South East where prices increased by 6.4 per cent and 3.4 per cent respectively.
The Times Bricks and Mortar, p. 3

Is a tectonic shift moving Newcastle to the Midlands, asks
The average house price in the North East is £142,000, down over 12 months, according to the latest Office for National Statistics (ONS) survey, which shows that recovery has arrived in all other parts of England, especially in the South East and London.
The Times Bricks and Mortar, p. 2

Financiers pave fashionable streets with gold as they return to the housing market
Lindsay Cuthill, a director of Savills, the estate agency, reports that buyers about to be in possession of a bonus, among them Goldman Sachs employees, have returned to the real estate hunt in the past few weeks.
The Times, p. 55

U.K. real estate an investment of choice for Asian buyers
A feature on how wealthy Asians are flocking to buy new residential sites in London as building picks up after the financial crisis.
International Herald Tribune, p. 15

PPI cover met a real need, says former Lloyds boss
The former boss of Lloyds yesterday claimed payment protection insurance met a “fundamental customer need” even though the bank has had to set aside more than £5bn to pay compensation to customers mis-sold the policies.
The Guardian, p. 38
Also appeared in : Financial Times Companies and Markets, p.20, Independent i, p.51, The Daily Telegraph Business, p.4, The Independent, p.57, The Times, p.47

Barclays is in a better place than might be expected
The reaction among investors to Antony Jenkins’ new strategy for Barclays was an unequivocal hooray. It seemed as if the bank’s shares were on the rise almost from the moment Mr Jenkins opened his mouth. The City has been cheering Mr Jenkins, but the Independent asks what happens if the institutional investors who have been calling for change feel they can go to sleep?
The Independent, p. 61

EU tax on share deals will apply to the City after all
The European Commission revealed yesterday that the City of London will be hit by a new European tax on financial transactions despite David Cameron’s promise that Britain would play no part such a scheme. Brussels was accused of mounting a direct challenge to British sovereignty by finding methods of imposing the levy on London’s financial services industry through the back door. The commission announced yesterday that it is extending the scope of a new Financial Transaction Tax (FTT) to cover the purchase and sale of all shares originating in the 11 EU countries, including France and Germany, participating in the tax.
The Times, p. 24
Also appeared in : Independent i, p.50, The Daily Telegraph Business, p.4, Financial Times, p.6, International Herald Tribune, p.15

Banks/Firms urged not to quit Libor panel
Banks have been told by the Financial Services Authority that they should not try to leave the panel which sets Libor because they fear becoming embroiled in the growing scandal over rate rigging.
The Independent, p. 60-61
Also appeared in : Independent i, p.50

Charity calls on OFT to suspend lenders’ licences
Citizens Advice has written to the Office of Fair Trading urging the regulator to use new powers to suspend the licences of four payday lenders.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 4

Your bonus for $400,000: bank payouts on rise again
It has emerged that after an unexpectedly profitable 2012, and a reduction in the number of bankers competing for their share of the spoils, bonuses have started creeping up once more in certain pockets of the banking industry. Goldman Sachs set the pace with a 6 per cent jump in its a compensation pool, pushing the estimated average payout up to $399,506 (£257,746) , compared with $367,057 in 2011
The Times, p. 55

BNP insists it won’t delay bonuses to use higher rate tax break
A senior executive at the French bank has said that bonuses paid to British-based investment bankers at BNP Paribas will not be delayed to help them to reduce their tax bills. BNP, which counts the Treasury and the Bank of England among its clients, said it would not be proper to delay the payment of bonuses to take advantage of a drop in the top rate of tax.
The Times, p. 55
Also appeared in : International Herald Tribune, p.16, Financial Times Companies and Markets, p.19

Bankia investors face big dilution
Bankia shareholders have been warned they stand to suffer a “significant dilution” once the Spanish lender is fully recapitalised.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 19

NAB assesses future of £5.3bn property loans
National Australia Bank has approached advisers to help determine the future of its troubled £5.3bn property loan book.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 21

Banking & finance
The fund manager, Aberdeen Asset Management, announced two small infill purchases. It is buying a half-stake in SVG Advisers, a private equity specialist, for £17.5 million, and paying $39 million, net of cash received with the company, for Artio Global Investors, a New York-quoted fund manager.
The Times, p. 46
Also appeared in : Financial Times Companies and Markets, p.20

The above articles appeared on 15/02/13 reproduced with the kind permission of Kantar Media UK. All rights reserved.

Charterbridge Private Financial Planning, Independent Financial Advice, Thornbury, Bristol.