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Edward Williams and Matthew Hammond have been appointed as Joint Administrative Receivers of Standen Homes (1993) Limited and Standen Homes (Holdings) Limited on 14 July 2011 to manage the affairs, business and property as agents without personal liability. Both are licensed in the United Kingdom to act as insolvency practitioners by the Institute of Chartered Accountants in England and Wales.


U.K. Mortgage Approvals Rise as Tax Effect Fades

Sun, 25 Apr 2010 15:52:00
 
U.K. mortgage approvals rose for the first time in four months in March as the effects of the worst cold snap in three decades and higher taxes on property sales faded.

The Centre for Economics and Business Research said yesterday that house prices will extend their recovery this year as low borrowing costs and the shortage of homes support the property market. Today’s report comes as Prime Minister Gordon Brown battles to stay in office two days before the May 6 general election.

“Housing activity may be starting its slow upward grind,” said Philip Shaw, chief economist at Investec Securities in London. “It’s nothing spectacular, but it does confirm the economic recovery is gaining ground and some traction.”

The pound stayed lower against the dollar after the report and was down 0.3 percent at $1.5202 as of 12:19 p.m. in London.

‘Stabilize’

Brown’s government is trying to help potential homebuyers in the run-up to the election. It scrapped a tax on house purchases for first-time buyers spending less than 250,000 pounds in its budget in March. The prime minister said on April 21 that he expects house prices to “stabilize” on increasing demand from such buyers.

Banks have squeezed credit to help rebuild balance sheets after the financial crisis, making it harder for potential homebuyers to get mortgage loans. The number of Britons seeking a property for the first time has fallen to the lowest in almost two decades, London-based GfK NOP said on April 21.

Today’s mortgage approval figure compares with a low of 26,600 at the trough of the financial crisis in November 2008, though it’s still less than half the 120,000 recorded at the peak of the boom.

Recent data paint a mixed picture of the housing market. Hometrack Ltd. said on April 26 that prices rose last month at the slowest pace since January as the supply of homes for sale picked up. A separate report by Nationwide Building Society said values jumped as much as twice as economists forecast.

Consumer Debt

Today’s Bank of England report showed that households added to their unsecured debts in March. Net consumer credit rose by 325 million pounds. Economists predicted a 400 million-pound increase, according to the median of 18 forecasts in a Bloomberg survey.

Credit-card lending increased by 190 million pounds, while personal loans and overdrafts rose by 135 million pounds.

A measure of M4 money supply that the bank uses to assess the effectiveness of its asset purchases rose 5.9 percent on an annualized basis. The gauge excludes financial companies that specialize in intermediating between banks, such as holding companies and non-bank credit grantors.

Source (Bloomberg)

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