December 2010

House Prices Continue Decline As Rents Soar

High street bank Nationwide has released figures revealing that the average house price fell 0.3% in November, with the annual rate of growth falling to 0.4%, the lowest it’s been since September 2009.  The report comes just two days after the Office for Budget Responsibility said it expected house prices to fall further into the New Year and beyond. 

Restricted Lending Sees Credit Card Write-offs Plummet

Bank Of England figures just released reveal £740mof credit card debt was written off in the third quarter, a 65% fall on the previous quarter figure of £2.1bn.   Industry expert David Black, a financial consultant from Defaqto said believes the improved lending practices are to thank “It looks as if banks are benefiting from their decision a few years ago to be more careful about who they lend to, especially with unsecured lending”.