Major losses at State rescued banks

Northern Rock, the nationalised bank, reported losses yesterday which had risen by 24%. The bank was nationalised in February 2008 because it was unable to fund its business in the money markets and customers were defaulting on their loans. It reported a total loss of £724.2m in the first six months of this year, which compared with a loss of … Continue reading

Posted by Nigel Tree | Comments Off on Major losses at State rescued banks

House prices continue to fall while negative equity rises

The price of a typical house fell by 1.8% in February which means that average house prices have fallen by 17.6% in the past year, according to the latest survey of house prices published by Nationwide yesterday. This represents a fall in the typical house price from £179,358 a year ago, to £147,746 now.   One would have thought that … Continue reading

Posted by Nigel Tree | Comments Off on House prices continue to fall while negative equity rises