House prices rose by 0.2 per cent in July, reversing the previous month’s fall, but annual house price inflation is at its lowest for nine years, says the Nationwide house price report.Nationwide says annual house price inflation fell to 2.6 per cent in July, its lowest rate since May 1996. This compares with 4.1 per cent last month and 20 per cent in July 2004. Annual house price growth is now lower than wage growth for the first time since 1996. Nationwide says the market is showing signs of recovery, such as an increase in approvals, but economic uncertainty makes it difficult to read. Its report says the expected cut in interest rates next month will stimulate the market through its impact on affordability. But this is unlikely to accelerate the rate of growth at this point in the economic cycle, especially if labour market conditions worsen. It says the London terrorist attacks could play a role by affecting economic confidence. It says while the first attacks had little effect, the second attacks and threat of more incidents may impact on the market. Group economist Fionnuala Earley says: “House prices bounced back in July, increasing by 0.2 per cent and reversing the fall in June. However, the overall picture remains one of a gently softening market.”
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Foreign & Colonial investment trust has outsourced management of its American and Japanese assets and introduced an overall performance fee. The 450m US large-cap portfolio will be split between four managers while its 120m Japanese portfolio will be run by Goldman Sachs. Management of the US small-cap business will stay with F&C. F&C says it […]
Research into IFAs’ preferred transfer strategies has reignited a row between Scottish Equitable and Standard Life.
IN Partnership celebrates its fifth anniversary this year and says it will double in size by 2008. Group chief executive Kevin McDonagh, group chairman Stanley Lovell and group commercial and legal director Julian Cole set up the Horsham-based network on July 1, 2000 under the Inland Revenue Enterprise Incentive Scheme. The network has its own […]
As more and more providers start to reveal their stance on the charge cap and removal of commission and active member discount pricing, we thought it would be worthwhile to look at what these are, and the steps businesses should be taking to prepare for this.
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