Royal Bank of Scotland has become the second major lender to clamp down on large mortgages, announcing it will restrict lending on loans above £500,000 as fears grow that the London property market is entering bubble territory.
The move came as figures from Nationwide building society showed UK house prices hit a new peak in May breaking the previous high reached before the financial crisis to hit an average of £186,512.
Continue reading...Neither David Cameron nor George Osborne needs much encouragement to appear in a safety suit and a hard hat. In a rare double act in April the prime minister and chancellor visited a building site on the M1 to promise that more than 200 rail, road, broadband and water projects would be heading for completion this year. It was part of a bigger national infrastructure plan, a wish list of almost 650 schemes, from HS2 to better drainage on the M3.
The momentum will continue in this week's Queen's speech, which is expected to contain an infrastructure bill attempting to fast-track contentious projects, including fracking.
Continue reading...The London property developer Telford Homes has seen its profits more than double in the latest sign of surging demand for bricks and mortar in the capital.
Telford Homes is the latest homebuilder to benefit from the mismatch between demand and supply in London, with Wednesday's announcement of bumper profits following spectacular results from Barratt, Bovis and Persimmon earlier in the year.
Continue reading...The infrastructure group Balfour Beatty said on Tuesday its chief executive Andrew McNaughton had quit as it warned that 2014 pre-tax profits would be significantly lower than previous expectations.
The company said the weakness came from its British construction business, where it now expects a £30m shortfall in 2014. As a result, overall pre-tax profits for 2014 are seen in the range of £145m to £160m.
Continue reading...UK house building is enjoying its longest run of growth since before the financial crisis in a further sign of Britain's booming property market.
Housing construction grew for a 15th month in April, the longest period of continuous growth since 2006/07 according to the Markit/CIPS construction PMI.
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