Faltering house prices staged a pre-Christmas fight-back, rebounding sharply last month after falling for the previous three months in a row, the latest snapshot of the property market from Halifax suggested yesterday, The Times reports.
The nation’s biggest mortgage lender said that average national house prices, based on its loans to homebuyers, jumped by 1.3% during December.
The last-minute rally reversed the 1.3% slump in prices that Halifax’s figures show took place in November, and also followed reported declines of 0.7% in October, and 0.6% in September.
THE GOVERNMENT AND ITS ADIVSERS are scrambling to come up with a private-sector solution for Northern Rock ahead of the bank's showdown with shareholders at an emergency meeting on Tuesday, reports The Telegraph.
Goldman Sachs, which is advising the Treasury, is planning to meet Northern Rock's board and the Government later this week, when it will unveil a proposal for the stricken lender.
There were rumours last night that Goldman wants to introduce another financing group to the consortium of banks that would provide a loan of up to £15bn to one of the bidders for the bank.
SHARES IN CREDIT SUISSE fell yesterday amid concerns that it will make big write-downs on potential losses caused by the credit crunch, as analysts warned that banks would need to increase their capital buffers, The Independent reports.
Credit Suisse shares fell by 2.6% after a Swiss newspaper reported that the bank would make a SFr 2.5bn (£1.1bn) write-down for the fourth quarter on its leveraged loans and commercial mortgages business.
Analysts cast doubt on the details but said the bank could face write-downs and take assets on to its balance sheet from a money market fund which went sour.
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Two global vehicles
'Further plug advice gap'
Must appoint separate CEOs and boards
Advisers do come out well
Will report to Mark Till