THE VALUE OF HOMES may finally be declining as the average home in London is now worth less than it ...
THE VALUE OF HOMES may finally be declining as the average home in London is now worth less than it was a year ago suggests Rightmove in this morning's Times newspaper.
Falls in the value of property are related to house price inflation which has now fallen for the ninth month in a row, says the online estate agents chain, as annual house price inflation dropped below 10%, to leave it standing at 12.4% from 26.5% at the beginning of the year.
That said, the volume of house sales on the market in the last month has increased almost 50% over the past four weeks, as 31,700 more properties coming off the market and worries are now moving towards a shortage of houses for sale.
IT'S OFFICIAL - living the single life is a lot more expensive than being married as life without saying "I do" costs the average Londoner an extra £10,000, continues the Times.
Things are worse for those living elsewhere, according to The London Magazine, as the average Briton spends around 26 years of their life single - costing them around £266,292.
These figures are calculated by the Nationwide Building Society and show the typical mortgage in London is £156,458.
A single person will have to pay the £7,354 alone, along with the utility bills (£740 a year), household goods and services (£1,580) and the TV licence (£112).
UK MORTGAGE LENDERS have been warned by Moody's, the credit ratings agency, to be "extremely cautious" about who they lend money to if working outside the "non-standard sector of borrowers, says this morning's FT.
Borrowers who are self-employed or have an irregular income could find their financial positions most at risk when compared with regular mortgages such as buy-to-let and other mainstreams loans, according to Andrew Cunningham, senior vice-president at Moody's.
In particular, Cunningham says the threat is these products and clients will not survive because they have never been tested during a recession, so would not in the past have been granted because it would have been seen as a bad credit risk.
The Financial Services Authority is planning a major swoop on insider trading this month which could see at least a dozen high profile cases sent to the courts, says the Scotsman.
Having taken over the remit from the DTI two years ago, the FSA has been accused of failing to prevent dealers from buying and selling ahead millions of pounds worth of shares, ahead of key announcements from firms.
Investigations are often said to be hampered because insiders can make purchases through nominee accounts in a variety of tax havens that are extremely difficult to unravel - and then claim the work was done for legitimate purposes.
AND TOUGH new US laws designed to stop terrorists from laundering "dirty" money through banks may now have to apply to British travel agents, property consultants and car dealers in a mass of red tape, says the Cayman Island's former regulator.
The belief is high-value goods and services are being bought and sold instead of the usual means of money laundering because it allows them to get around the stricter banking laws that have been in place since September 11.
Once new rules on customers identity - which comes into force on October 1st through the US Patriot Act - are introduced, every financial institution is required to scrutinize much more closely the financial activities of clients and may have to take responsibility if they do not flag laundering of money.
Putting the tech into protection
Square Mile’s series of informal interviews
Fallout from Haywood suspension
Launching later in 2019
£80bn funds under calculation