View more on these topics

Lending slumps but property boom will keep on building

Mortgage lending was significantly down last month but experts are shaking off speculation that the housing market has peaked.

Figures from the Building Societies Association show mortgage lending slumped to 1.85bn in April from 2.41bn in March while approved loans plummeted to 1.78bn in April from 3.39bn in March.

BSA director-general Adrian Coles says: “After a strong start to the housebuying season in March, the market has levelled out, although figures may have been depressed by bank holidays during April.”

The Council of Mortgage Lenders&#39 April statistics also showed lending falling back significantly from March levels. Its figure show total gross mortgage lending fell to 9.4bn in April from 10.7bn in March.

CML director general Michael Coogan says: “Lending fell back from the strong levels seen in March but it is too early to say whether this heralds a slowdown in the housing market based on one month&#39s figures.

“Expectations of further interest rate increases have lessened recently and we believe this will help buoyant conditions to continue for some time.”

Recommended

Famous five lose sense of venture

Speculation as to which fund managers will be part of Fidelity&#39s fund supermarket when it launches in June ended last week when the 14 participating names were announced.Although Mercury, Invesco and Schroder are all on board, the final line-up lacks five of the biggest players. M&G, Gartmore, Thread-needle, Jupiter and Perpetual have all opted out.The […]

Cazalet values Standard Life at 16bn

Financial analyst Ned Caza-let has fired another salvo against Standard Life, claiming that, on the basis of Scottish Widows&#39 demutualisation, the company would be worth 16bn.Using the same methodology as actuarial advisers Tillinghast, which Standard has employed in the past, Cazalet says the average windfall would be 7,000.The UK&#39s biggest mutual has threatened to sue […]

What&#39s in the bag for the baggers?

The battle between the fat cats of Monaco and the Standard Life Independent Members Organisation for the future of Standard Life is well under way and there is clear blue water between us.Stewart Stevenson, founder of theslim.org, believes “slim” is an appropriate name for the organisation as it highlights the difference between individual policyholders and […]

Early warning on retiring at 50

London York Asset Management has introduced the select income fund, a fund of funds that invests in a range of unit trusts in the UK and overseas. London York manages the fund and City Financial Managers administrates it.Examining the market suitability of the product Posner says: “This is a relatively high-yield fund of funds incometrust […]

Solving the income puzzle

There is a puzzle at the centre of financial markets. The global economy is growing, there are signs of inflation and interest rates are going up, yet yields remain low. In this article, James Foster, manager of the Artemis Monthly Distribution fund, unpicks this conundrum and looks at where investors can find income. There is […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment