House prices are expected to climb 7% nationally next year on the back of strong gains in London, The Daily Telegraph reports the Nationwide as saying.
Prices in the capital are expected to rise 10% next year, underpinned by City bonuses, although the biggest gains are expected in Northern Ireland with a 12% rise earmarked. Elsewhere, house prices in northern and central England are expected to rise more modestly, by around 3% to 4%.
Nationwide's last monthly house price survey showed prices across the country rose by 9.6% on average in November but Fionnuala Earley, group economist at Nationwide, says “increasingly poor affordability and likely cutbacks at the Bank of Mum and Dad will cause the rate of house price growth to move back into single digits in the latter part of the year".
THE US GOVERNMENT is said to have attacked the conduct of one of the so-called Natwest Three and accused one of the British bankers of misleading the court about his financial position and of behaving as if he is considering fleeing the country, reports the Guardian.
Gary Mulgrew, who was extradited to Texas five months ago alongside two former Natwest colleagues to face Enron-related embezzlement charges, has been accused in court filings of hiding the extent of his wealth and of failing to disclose an American bank account.
Mulgrew was released in July on bail of $200,000 - a bond which is lower than the $500,000 set for each of his co-defendants, David Bermingham and Giles Darby because he told the court he was short of money.
But the US federal authorities are thought to have since discovered an affidavit filed by Mulgrew during divorce proceedings in Britain which culminated in his wife receiving a $3.15m (£1.6m) settlement.
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