News Headlines 1st March

PF

Thousands of Bank of Ireland and Bristol and West mortgage customers in the UK will see mortgage costs as much as triple after the terms of their base rate tracker deals were changed.  It has used a ‘special condition’ clause that has allowed it to increase the interest rate, a buy to let mortgage holder who is currently paying 2.25% will be paying 4.99%, Guardian p 34, Times p 12

Economic

Royal Bank of Scotland will be well on the path to becoming a ‘normal’ bank by next year, according to chief executive Stephen Hester.  It is four years into its recovery plan and this year will mark the last 12 months of restructuring of the bank.

 Recruitment

Senior city figures slammed the EU’s plans to introduce a cap on bank bonuses, saying new rules will increase risk, drive up redundancies, encourage US firms to move their best staff out of London and could even lead some banks to move their headquarters out of the EU, City AM p 1

 Property

Land Registry figures out yesterday showed that house prices in London rising faster than in other regions.  London houses added  7.1 per cent on average to their value over the year versus just one percent for England and Wales as a whole.  The average London house is now £373,207 – over double the England and Wales average of £162,441, City AM p 14 

 

Property Broker Cluttons research shows  that fewer prime central London properties are being bought outright with cash as cuts in bankers bonuses have now begun to feed through to the market.  Cash buyers accounted for just 49pc of all purchases last year compared with 74pc in 2011, Tel p B5

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