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Mortgage Advances hit record heights

Mortgage advances hit record levels in June according to figures released by Barclays Bank.

Its research reveals gross mortgage advances in June hit the £10bn mark, a 27 per cent increase over last June&#39s figure of £8.4bn.

Mortgage lending is now so buoyant that Barclays is predicting the market will top £100bn this year for the first time ever.

The bank says the growth in lending is supported by consumer confidence which is showing continued improvement.

It believes consumer confidence has been further boosted by rising house prices. It research shows people are holding back from placing their home on the market, thus limiting supply and fuelling house price inflation.

Barclays director of mortgages Jim Chadwick says: Although 1999 looks like being a record year for mortgages, this does not necessarily mean we are seeing a housing market boom.

&#34House prices appear to be recovering, but housing turnover is still subdued relative to historic level.&#34


Mercury&#39s offshore business up 55 per cent

Mercury Asset Management has posted a 55 per cent increase in sales of offshore funds for the six months to June 30.The fund manager attributes its success to performance of its funds within the Mercury Selected Trust, a sterling denominated offshore investment range, 85 per cent have achieved average or above average returns.MAM&#39s retail sales […]

Northern Venture Capital Trust 2 raises £20.8m

Venture capital trust Northern 2 VCT is closing its share issue after raising £20.8m from over 1,200 private investors.The trust, managed by Northern Venture Managers, will have a generalist theme investing in a range of companies.It will invest 75 per cent of the capital in later stage deals of up to £3m, but averaging £1m.The […]

Scottish Widows reports new buiness up

Scottish Widows has reported a 47 per cent increase in new business for the first six months of the year.The Scottish life office says equivalent annual premium business jumped to £279m from £190m for the first six months of the year compared to the same period last year.The company which is undergoing takeover talks with […]

Mortgage lending hits record heights

Gross mortgage lending hit record heights in June reaching an estimated £11bn according to figures from the Council of Mortgage Lenders.The figure which is the highest since CML records began in 1993, was 21 per cent up on the previous month and 31 per cent more than the equivalent month last year.But loans for house […]

State of the markets: global growth

In conversation with journalist Alexis Xydias, Artemis Global Growth Fund manager Peter Saacke discusses the state of global markets and how he is positioning his fund. Peter gives his views on the growth potential of US, Europe and emerging markets, each of which is on a different stage of the road to recovery. And with a […]


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