Council of Mortgage Lenders warned that the mortgage lending would decrease further if Bank of England does not provide more financial help to the building societies and banks. Steven Crawshaw, chief executive of Bradford & Bingley and the chairman of CML stated that the banks and other societies may have to halve their mortgage lending […]

Capital Economics has predicted that the banks of UK may lose up to 7 billion pounds from the declining value of the shop, industrial and office buildings stock of the country over another two years. Also, it states that the write-offs could rise to about 18 billion pounds if the country’s economy slides into recession. […]

OFT – Office of Fair Trading would probably impose few million pounds fines on some 150 construction companies because of their unfair practices adopted in bidding of local council contracts. OFT started its investigation in 2005 and it analyzed over 3000 contracts in England. If the companies are found guilty, a fine of up to […]

The fall of annual house price growth for the sixth month consecutively confirmed fears of a weakening housing market. During 2006, the average cost of a house in Wales and England rose by 9.4 percent and now it stands at about 6.4 percent and further decrease in the growth rate of prices is expected. The […]