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ShareCast News) - Lloyds Banking Group has held onto its lead as the UK's biggest mortgage lender, but lost some market share to Santander, which hopped above Nationwide to take the second spot in the gross lending list. Data on the largest mortgage lenders in calendar 2014 compiled by the Council of Mortgage Lenders (CML) and published on Friday showed Lloyds lent £40.3bn, up from £35.5bn the year before, but its market share slipped very slightly to 19.8% from 20%. Santander's share jumped to an estimated 13.5% from 10.3% as it upped its mortgage loan levels to £27.5bn from £18.3bn. Nationwide was left with a 13.2% market share, down from 15.1% as it lent almost exactly the same amount year on year, with more market share also notably lost to Barclays and Royal Bank of Scotland. Barclays remained the fourth largest lender but upped its market share to 10% from 9.5%, with home loan lending upped to £20.3bn from £16.9bn. Royal Bank of Scotland upped its total mortgage lending to £19.7bn from £14.3bn, lifting its share of the market to 9.7% from 8%. The CML noted that, boosted by government home-buyer initiatives and ultra low interest rates, aggregate gross lending excluding to housing associations last year showed strong growth, rising by 14% to £203bn. "We are still a long way from the levels seen at the peak in 2007, when aggregate lending totalled £357bn, according to the revised Bank of England data." Excluding the government support, lending levels and competition in the market had looking more "normal" than we saw throughout the credit crunch, the trade body added. Market concentration also appeared to have normalised in the past two or three years, having during the financial crisis seen the top six lenders grab 86% of new business in 2009. But the CML noted that although gross lending in 2014 was 14% higher, the overall effect on balances outstanding was negligible, with the total mortgages assets of the largest 20 firms increasing from £1.16trn to £1.17trn, or by around 1%. "Our forecasts show a stable path for gross lending, which is expected to rise modestly to £209bn this year before accelerating a little to £230bn next year. A number of lenders' interim results so far suggest that next year we are likely to be reporting a similar picture of lender growth and competition when we publish a complete list of the largest lenders for 2015."
UK construction PMI climbed in August Construction PMI registered a rise to 57.30 in August, in the UK, compared to a level of 57.10 in the previous month. Market anticipation was for the construction PMI to rise to 57.50.
(ShareCast News) - House price growth in Britain cooled in August, according to the results of one of the most widely followed surveys, but the respite might only be temporary. The price of a home increased at a 0.3% month-on-month pace in August, bringing the year-on-year pace of inflation down to a 3.2% clip versus the 3.5% seen in July, according to the latest monthly tally from mortgage lender Nationwide. Economists had been expecting a rise of 0.4% month-on-month and 3.1% year-on-year. The average price of a home in the UK slipped to a non-seasonally adjusted value of 195,279 pounds in August, down from 195,621 pounds in July. The drop in the year-on-year rate of change in home prices might be proof that house price inflation was stabilising close to the historical 4% rate of growth in earings, Nationwide chief economist Robert Gardner said. However, surveyors reported the lowest ever number of properties on their books since the late 1970s even as new buyer inquiries picked up. So, if construction activity did not accelerate the above trend might not be sustained, Gardner added.
Buy-to-let home bubble set to burst: Buy-to-let has been one of the most successful investments of all over the past 20 years but the good times may soon be over.
UK BBA mortgage approvals advanced in July Compared to a revised reading of 44.80 K in the previous month BBA mortgage approvals registered a rise to 46.03 K in July, in the UK. Market anticipation was for BBA mortgage approvals to rise to 46.00 K.
BlackRock buys PwC offices in Uxbridge from Aviva for £59 million: Fund Manager BlackRock said that it has bought an office building in west London for £55.9 million from Aviva Investors.
Lord Stuart Rose backs student property firm: Former Marks & Spencer Chairman Lord Stuart Rose has emerged as a surprise backer of Select Property Group, a developer and Manager of student housing across the U.K.
Househunters now spoilt for choice: The number of homes on the market has jumped by a quarter within a month, but sellers are still significantly outweighed by the number of buyers chasing properties.
Landlords sell rental homes after 17 years: Landlords are holding on to properties for longer than they were before the last recession, with the average time between a landlord buying and selling a property rising by five years since 2007, according to lettings giant Countrywide.
Pace of rent rises quickens as average U.K. rent reaches £937 a month: Average rents in the U.K. reached £937 per month in July as the pace of increases took a significant step up amid a shortage in the supply of housing
Building Bosses at Persimmon to net £600 million: Executives at Britain’s largest housebuilder are closing in on the first tranche of a potential £600 million-plus payout, which would rank as one of the most generous bonus schemes the City has ever seen.
Cost of buying compared to renting narrows amid house price rises: First-time buyers save £670 a year paying for their home compared with the cost of renting but the gap is narrowing, according to research.
House prices across Britain set to rise 30% in four years: House prices are expected to rise by nearly a third over the next four years, with almost every English region overtaking the capital, but the devaluation of the Chinese yuan is hitting demand for prime London homes.
UK public sector net borrowing unexpectedly posted surplus in July In the UK, the public sector net borrowing has unexpectedly posted a surplus of £2.10 billion in July, as compared to a revised deficit of £8.60 billion in the prior month. Market expectation was for public sector net borrowing to report a surplus of £2.80 billion. UK public sector net borrowing reported a surplus in July The public sector net borrowing (excluding temporary effects of financial interventions) in the UK has reported a surplus of £1.30 billion in July, as compared to a revised deficit of £9.40 billion in the prior month. Markets were anticipating public sector net borrowing to announce a surplus of £1.10 billion.
Property trust has warchest to invest: U.K. Commercial Property Trust, now run by Standard Life Investments following last year’s takeover of Glasgow-based Ignis, has a £130 million warchest for investment
House prices soar in major U.K. cities - and this is just the beginning: House prices across the U.K.’s largest cities jumped by the highest quarterly level in 11 years as demand for housing continued to outstrip supply, according to property analyst Hometrack
UK retail sales advanced less than expected in July On a MoM basis, retail sales rose 0.10% in July, in the UK, compared to a revised fall of 0.10% in the prior month. Market expectation was for retail sales to rise 0.40%
Clearbell snaps up £200 million of property assets: Clearbell has splurged £200 million on two separate portfolios of retail, industrial and office properties spread out across the U.K., the private equity real estate fund management said.
Mortgage lending ‘is at risk from banking tax’: The Boss of Britain’s biggest building society has warned that mortgage lending could be put at risk by a new banking tax that will cost it £300 million over the next five years
Shortage of skilled tradesmen ‘holding back U.K. house building’ as two thirds of construction firms turn down new work: Two-thirds of British builders have been forced to turn down work because of a shortage of bricklayers, roofers and other tradesman, according to a report.
Sky-high London rents prompt calls for new controls on landlords: London has become one of the most expensive cities in the world to rent a home, prompting politicians to call for New York-style controls on landlords
Cheap countryside homes to be built for first-time buyers: Young first-time buyers will have the chance to buy cheap homes in the villages where they live or work under plans to allow family homes to be built on farmland and Greenfield sites.
Mayfair sees fastest rent price growth: Mayfair is leading the way in prime central London rental price growth, a lettings agent said
Persimmon hikes profits as housing market heats up: Persimmon has hiked first-half profits by nearly one-third to £273 million as it became the latest housebuilder to underline the buoyant conditions in the U.K. housing market.
Homes up £12,000 in a year as lack of property for sale pushes up prices - and agent forecasts an 18% rise by 2019: House prices rose by £1,000 a month over the past year with the East of England recording the biggest gains, according to new official figures