Falls in house prices across the country may now be at their most severe since the property slump of the early Nineties, according to bleak figures today suggesting that Britain's housing downturn is gathering pace, The Times reports.
A highly influential barometer of housing market conditions reports this morning that 49.1% more surveyors found that house prices fell last month than saw them rise.
The gloomy result is the worst since November 1992 in the closely watched poll carried out by the Royal Institution of Chartered Surveyors (RICS), when this “negative balance” fell as far as minus 60.1%.
December's figure compares with a negative balance of 40.6% of surveyors who reported that prices were on the slide in November.
CONSUMERS WAITING FOR THE TEST case over the legality of bank overdraft charges to start will have to wait a little longer, after it emerged the hearing would not be able to start tomorrow as planned, The Guardian reports.
The case has been postponed because the judge hearing it has been detained on another case.
The Office of Fair Trading (OFT), which is taking the case against seven banks and one building society, said it hoped proceedings would begin before the end of the week.
The case is designed to determine the legality of charges imposed by current account providers when a customer exceeds his or her agreed overdraft limit or pays a cheque or direct debit that the bank later bounces.
ONE OF WALL STREET’S MOST respected banking analysts slashed his profit expectations for JPMorgan Chase just hours before the banking giant is due to report fourth-quarter numbers, reports The Telegraph.
Deutsche Bank's Mike Mayo cut his earnings estimate and price target for the bank, citing worries about the state of the US consumer as his chief concern.
Mr Mayo, publishing the note ahead of JPMorgan's results today, said that Citigroup's 5.5% fourth-quarter rise in credit card losses as well as mounting losses in mortgage and consumer segments prompted the downgrade.
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