Property stocks pushed out of FTSE 100
House price slump ‘to last four years’
House prices to fall 9% in 2008
Housebuilders hit by gazundering
Barratt against wall as housing crisis grows
Axe hangs over 15,000 estate agents
4million pay mortgages with credit card
US ‘will beat UK’ out of the credit crunch
First-time buyers need a £32,500 deposit
Bad debt to keep growing, says HBOS
Archive for the ‘Stock Market’ Category
Northern Rock nationalised
Sunday, February 17th, 2008The government decided to nationalise Northern Rock today, abandoning a five-month attempt to find a private sector buyer for the ailing bank. “In the current market conditions we do not believe the two proposals deliver sufficient value for money for the taxpayer,” Finance minister Alistair Darling told a news conference. “So the government has decided to bring forward legislation to bring Northern Rock into a temporary period of public ownership.” The government will put forward legislation on tomorrow to take the bank into public hands — the first major nationalisation in Britain since the 1970s — and trading in Northern Rock shares was suspended.
Cost of world shares turmoil is £2.7 trillion
Thursday, February 14th, 2008Investors are bracing themselves for one of the most difficult years in stock market history after new figures showed more than $5 trillion (£2.7 trillion) was wiped off the value of shares across the globe in January alone. The loss represents one of the worst starts to a year since records began - a stark indication that markets anticipate a global recession that could last for several years. In London, the FTSE 100 lost £77bn in one day alone - 21 January - in frenetic dealing dubbed a second Black Monday after the great crash of 1987. Although shares have since stabilised somewhat, there is still turmoil in the banking and finance sector.
Black Monday - Biggest stock market drop since 9/11
Tuesday, January 22nd, 2008Fear that America was about to tip into recession yesterday wiped £77bn off the value of FTSE shares, the biggest one day plunge in London since the terrorist attacks of September 2001. Speculation that booming economic powerhouse China could be infected by the sub-prime crisis helped to trigger a global sell-off which resumed again this morning. Shares rebounded after the US Federal Reserve slashed interest rates by 0.75%, their biggest rate cut in living memory, in an attempt to pull the world’s biggest economy away from a recession. The pain on the British High Street was further evident today when the shoe-shops chain Dolcis founded in 1863, went into administration with accountants KPMG now running the business.
Northern Rock kicked out of FTSE 100
Friday, December 14th, 2007In the UK, Northern Rock’s shares (Britain’s fifth largest mortgage bank) have been the worst hit by the credit crunch dropping from £12 early in the year to less the £1. It will be relgated later this month to the bottom of FTSE 250 index for medium sized companies. Just narrowly missing the index that tracks small sized companies.
Make money from falling house prices
Saturday, December 8th, 2007The UK Residential Index fund will be launched in January 2008. What is this and how does it work? Its a complex investment fund that uses derivatives to bet on the extent to which the property market will fall over various time periods. One of the predictions at the moment is that house prices could fall by 10% next year and would carry on into the next year. So two years of house price falls or as they say, “correct” may be on the cards because it is believed that British property is overvalued by an astonishing 40%.
