Barclays has announced better than expected quarterly profits, though they have been affected by the news that the bank has also announced an additional £300m to cover the cost of the payment protection insurance (PPI) scandal.
The bank reported a 22% increase in pre-tax profits to £2.4bn, whereas the city’s expectations were at around the £2bn mark. However, the figures could have been even better had it not been for a recent increase in the number of PPI claims, which have affected the profits of its UK arm in particular. So far Barclays has set aside £1....
The Nationwide has reported a 0.5% increase in house prices for March, but has warned against hopes of a strong recovery for the property market.
The small rise, the third in the last four months, left the price of the average property as £164,751, and while the quarterly figure also showed a rise, up 0.6%, the Nationwide said the outlook continued to be uncertain and was unlikely to see a big rise in prices for the foreseeable future.
Robert Gardner, chief economist at Nationwide said demand is still relatively soft and there is little sign of an increase in the supply of properties...
Press releases and articles of interest relating to endowment policies (UK only)
*Please note* This site is for information purposes only - we are not accepting any new cases from January 2007 - Here we provide a snapshot of recent news and developments in the endowment claims sector.
Consumers now turning to financial planning in a bid to avert the worst effects of the credit crunch.
More people are looking to maximise their money by seeking advice on investments and new ways to generate income. There has also been an increase in requests for life insurance...
House building projects planned by the new Government [11th July 2007]
Gordon Brown has given a pledge that he will seek to correct the housing crisis that is enveloping the UK. Outlining the Governments plans he said that there will be three key housing Bills to boost the supply of affordable housing in the UK. The plans suggest that the existing objective to build up to 200,000 new homes by 2016, can be improved upon and there may be an additional 40,000 homes made available. Housing has become a national priority commented the PM. Mr Brown said: "Putting affordable housing...
House prices rise during March 2007
The Halifax reported a rise of 1% in house prices during March. The average house price s now thought to be in the region of £194,000. Many industry experts now believe that the continuing boom is not only unsustainable but likely to represent a serious threat to the economy unless a correction occurs. It is expected that during the back end of 2007 and into 2008, house prices will fall although a "crash" is thought to be unlikely.
The current state of the housing market contrasts sharply with the explosion in the numbers of bankruptcies and debt...
More and more people are unable to pay their mortgages - 15th December 2006)
The numbers of homes being repossessed continues to rise.
The number of homes being repossessed continued a worrying upward trend between January and June 2006. The volumes increased to a figure of 8140 which represented a significant percentage lift on the previous year.
There are various theories for the cause of the rapid rise in repossessions, not least to the UK's burgeoning level of debt. The Bank of England believe that with average salaries of £30,000 and many mortgages in the region of £90,000, the...
Pension scheme membership drops in the UK during 2004/2005 - 6th December 2006
Whilst not a significant statistic on its own the number of pension scheme members dropped during 2004 from 40% to 39% as compared to 2003.
What is significant is that despite Government promotions and initiatives aimed at informing the public about the benefits of pension schemes, the message is not getting through.
With continuing bad press and negativity from financial quarters, pensions are set to remain in the doldrums at least in terms of the publics perception. More work is needed to persuade the...
HSBC warn about increased levels of insolvency in the UK
As profits for HSBC took a hit the bank explained that this was partly due to the growth in bankruptcies and related debt problems associated with Britain's burgeoning debt mountain.
The latest official figures showed that a record number of people in England and Wales went insolvent between July and September. The government's Insolvency Service said that, during the three months, 27,644 people went bankrupt or entered into IVAs to manage debts.
If you require bankruptcy advice from a solicitor speak to a regulated...
Halifax all set to become the first major bank to enter the legal market - 2nd November 2006
Source - Law Society Gazette
The Halifax have launched a a legal service called "Halifax Legal Solutions" aimed at offering a wide range of services to the public.
The bank has more than two million customers and intends to use this powerbase to promote the new service and capture existing levels of business. They intend to offer "everyday legal products" at a lower cost than solicitors will charge. It is not known whether the services will include accident claims assistance.
The Halifax...
