Rics: House rise growth ‘weak’ after rate rise
July 13, 2007 by admin
Filed under News, News-Mortgages
House price growth is slowing, figures released today suggest.
The monthly housing activity report of the Royal Institute of Chartered Surveyors (Rics) shows overall rates of inflation being cut in half across much of England and Wales, although significant increases in prices were recorded elsewhere.
Nevertheless, new buyer enquiries – an excellent predictor for future developments in the market – also declined at a pace unmatched since early 2006, signalling that buyers feel that homes are becoming increasingly difficult to afford.
General confidence in the sales outlook from surveyors, also polled for the report, showed a significant drop. Ian Perry of Rics said that prices “have finally started to cool significantly”.
A major factor behind this apparent cooling off of the market might be the Bank of England’s decision to raise interest rates last week, with Mr Perry adding that “interest rate hikes have begun to affect the psychology of the market with potential new buyers starting to think twice before buying a home.”
However, sceptical voices were raised in the city today. Malcolm Barr at JP Morgan told Reuters that the Rics report was not a failsafe indicator of the market: “The signals coming out of housing are not strong enough to point to a marked slowing in spending in the near term”, he counselled.
Bailiffs may be given greater powers
March 6, 2007 by admin
Filed under News, News-Credit-Cards
Bailiffs may be given the power to break into your home for as little as an unpaid credit card bill.
At present only certain bailiffs are allowed to do this but the tribunals, courts and enforcement bill is set to get its second reading in the house of commons today (March 5th).
If it becomes law, all bailiffs will be able to enter your home to collect a debt but fears are growing that this may lead to an increase in cases of bailiffs abusing their powers.
Citizens Advice is pushing for an independent regulator to be included in the bill, ensuring that bailiffs are acting within the rules.
The organisation also wants to see safeguards brought in that will guarantee bailiffs are only forcibly entering a property as a last resort.
“This Bill should have been the perfect opportunity to modernise the law and end abuse once and for all,” said chief executive at Citizens Advice David Harker.
“Instead it gives bailiffs greater powers without any proper regulation – a recipe for abuse on an unprecedented scale.
“It is a scandal and a disgrace that six years after the government made a commitment to bring in independent regulation, the misery and abuse continues. It has to stop,” he added.
Research by Citizens Advice shows that 64 per cent of bailiffs were guilty of harassment and intimidation in England and Wales since October 2006.
It also found that 40 per cent had misrepresented their powers, while 42 per cent charged debtors excessive fees.
Beware bogus bank
January 11, 2007 by admin
Filed under News, News-Banking
Consumers are being warned to avoid the Northern Offshore Trust Bank.
The ‘bank’, which claims to be based in Guernsey, has been highlighted as featuring as part of an international scam, reports the BBC.
The Guernsey Financial Services Commission has warned that the bank is bogus and consumers are warned to avoid any contact with it.
It became apparent that something was wrong when it was realised that the names of directors of Norwegian telecoms firm Telenor were being illegally used to front the bank.
Jon Fredrik Baksaas, chief executive of Telenor, and his colleagues were listed as being employed within the fake bank, but they knew nothing of it.
The scam worked by persuading customers to invest £5 million via the bank.
