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Bank of England warns of property crash

Bank of England governor Mervyn King has warned Britons buying a home to be wary of a possible housing market crash.

Speaking to the Scottish CBI King said the rise in house prices over the past five years had taken the ratio of house prices to earnings to new record levels, unsustainable in the long-term.

King said: “After the hectic pace of price rises over the past year, it is clear the chances of falls in house prices are greater than they were. So anyone entering or moving within the housing market should consider carefully the possible future paths of house prices and interest rates.”


MPs told that shock rise in rates is needed to stop property spiral

Leading economist Roger Bootle has told MPs that the Bank of England monetary policy committee needs to shock housebuyers by raising interest rates. Speaking at the Treasury select committee meeting last week, three of the UK&#39s leading housing market economists expressed concerns about the impact on the economy of a collapse in the housing market. […]

Scotts fined by FSA

The FSA has fined Scotts Private Client Services Ltd £25,000 for serious failings which led to the firm introducing US $9.7m (£6.7m) of investors&#39 funds into an authorised and apparently unlawful investment scheme. Between December 2001 and October 2002 Scotts failed to carry out adequate due diligence and introduced 34 investors to an investment scheme […]

950 jobs to go as NU restructures life arm

Norwich Union is restructuring its life business service division which will lead to the loss of 700 jobs and 250 contract worker positions. The restructure, to be completed by the end of 2005, will affect IT, facilities management and business systems. Work undertaken by these teams, predominantly software development and application support, will be transferred […]

Pru plea for employers to boost financial planning

Almost three-quarters of retired people did not seek help with their financial planning before to their retirement according to a survey from Prudential. The survey of 268 adults aged 45 or over who planned to retire in May found that 72 per cent did not seek financial advice. Pru is calling upon employers to offer […]


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