Homeowners paying off mortgages at record rate

In 2010, homeowners paid back over £24bn of their mortgage borrowings, which was the highest amount since records began in 1970. Detailed figures from the Bank of England also showed that £7bn was repaid in the final quarter of 2010, compared to £6.6bn in the third quarter. This means that mortgage repayments have exceeded borrowings for eleven consecutive quarters. This … Continue reading

Posted by Nigel Tree | Comments Off on Homeowners paying off mortgages at record rate

Retail sales fall in December

Retail sales volumes fell by 0.8% in December. This meant there was no change in retail sales compared to December 2009 and this was the worst December figure on record. Food stores saw a fall of 3.4% on an annual basis, which is the lowest figure since records began in 1988. Non-food stores performed better, with an annual rise of … Continue reading

Posted by Nigel Tree | Comments Off on Retail sales fall in December

Have UK exports “hit the wall”?

The UK’s deficit on trade in goods and services widened to £3.8bn in May, compared to a deficit of £3.5bn in April. This is the worst balance of trade deficit for two years. These figures were published by the ONS today. The surplus on trade in services was £4.2bn in May, up from the £3.9bn recorded in April. On the … Continue reading

Posted by Nigel Tree | Comments Off on Have UK exports “hit the wall”?

Increased reluctance to borrow against houses

Borrowing against the asset of your own house is technically known as housing equity withdrawal. (HEW) According to the Bank of England housing equity withdrawal is new borrowing secured on dwellings that is not invested in the housing market (e.g. not used for house purchase or home improvements), so it represents additional funds available for reinvestment or to finance consumption … Continue reading

Posted by Nigel Tree | Comments Off on Increased reluctance to borrow against houses