Barratt Developments sees signs of a recovery in the property market
In line with yesterday's announcement from Persimmon, Barratt Developments has again reiterated the fact that there are signs of improvement in the UK property market with reservations per site up by over 30% compared to last year. Thankfully the company has managed to reduce its own debt load from £1.4 billion last year to £700 million this year due to the recent £720 million fundraising. It also looks as though Barratt developments is in the market for further land acquisitions, a sure sign that it believes the worst is over and the sector is now looking to move ahead.
Despite the fact that house prices have fallen by 20% since August 2007 we are starting to see a month by month recovery in prices which is slowly but surely building confidence leading to a potential snowball effect. While nobody is taking it for granted that the UK economy will power ahead in 2010, indeed many people believe it will be a difficult year, but thankfully it looks as though we can safely say the worst is over at least for the moment.
The more UK property companies which release positive statements the more confident buyers will become and the more liquidity will eventually return to the market.
Northwest water issues water use warning letters
It has been revealed that United Utilities, the parent company of Northwest water, has today issued 90 warning letters to customers who are believed to be flaunting the hose pipe ban. It would appear that the company is acting upon information obtained by employees and from complaints by the public although it is unclear whether there is some kind of "big brother" situation materialising. Is it fa...Read More
One in three anticipate ‘indefinite’ Debt
New figures have revealed that the vast majority of adults in the UK are in some sort of debt, and that one in three expects they will never be able to become debt-free. Fewer than 10pc of people aged over 30 in Britain say they have never had to borrow money from anyone, and due to this have never experienced debt. However this figure does not take into account mortgage borrowing, suggesting t...Read More
Is the US financial sector in meltdown?
The ongoing rumours about the imminent nationalisation of Citigroup and Bank of America have caused serious concern in the US stock market. This concern has transferred over to the UK where investors have been selling property, mining stocks and banks over the last few days. It would appear that the US government is on the verge of nationalising Citigroup and Bank of America which will have a majo...Read More
Rent price inflation halts, as more people opt to buy
The increase in the number of people buying property in the UK, especially first-time buyers, has meant that the cost of renting has stopped rising as aggressively. This is according to a survey commissioned by LSL Property Services, which revealed that the average monthly bill in England and Wales is unchanged since May, and stands at £737. However the cost of renting has increased by 2.6pc...Read More
UK banks back in the spotlight
Analysts expect the top 5 banks in the UK to announce profits for the first half of 2010 in the region of £8.4 billion, something that will again put the sector back in the spotlight. This comes at a time when the UK government is looking to introduce new taxes to reduce bonuses and remuneration packages in a sector which continues to thrive despite the fact the consumers and business in the UK...Read More