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I do not work for BKG but share options are normally awarded to board directors and sometimes to divisional directors and other senior managers of a public company. The financial accounts of BKG will list all the individuals at board level who are granted options as well as stating other categories of employees who may be granted options annually.
UK manufacturing growth falls to seven-month low * Consumer lending rises at fastest pace since Feb 2008 * Data point to moderate but unbalanced recovery * GRAPHIC: UK factory PMI http://r.reuters.com/tap74s (Recasts, adds reaction, graphics) By Andy Bruce and David Milliken LONDON, May 1 (Reuters) - British manufacturing growth slowed sharply in April, a survey showed on Friday, underlining the uneven nature of an economic recovery that is at the heart of a national election just six days away. Separate data showed consumer lending rising sharply, suggesting that the recovery is being driven by spending. Sterling hit a three-week low against the euro after the Markit/CIPS UK Manufacturing Purchasing Managers' Index, a closely watched monthly business survey, suffered its biggest fall in more than two years. Coming after a surprising slowdown in growth in the first quarter, the survey will make gloomy reading for Conservative Prime Minister David Cameron and his finance minister, George Osborne, who promised a manufacturing revival shortly after coming to power in 2010. Their Conservative Party remains deadlocked in opinion polls with the opposition Labour party and the recent signs of a slowdown in the economy have complicated the Conservatives' decision to put the recovery at the centre of their campaign. But separate data from the Bank of England showed households were happy to borrow more heavily. Lending to consumers in March surged at the fastest pace since before the financial crisis, and there was also sharp upturn in business borrowing. Taken together, the figures suggested Britain's upturn is fuelled by consumption. Still, many economists expected the recovery to remain solid, blaming a stronger currency and uncertainty around the election for the weakness in manufacturing. The chief executive of one of Britain's biggest banks said he also expected growth to stay strong, despite uncertainty about the outcome of the May 7 election. "We are favourable on the UK economy," Lloyds CEO Antonio Horta Osorio told reporters. "It continues to progress at a healthy pace and we continue to expect it to grow between 2.5 percent to 3 percent this year." While holding above the 50 threshold for growth, the manufacturing PMI fell to a seven-month low of 51.9 from a downwardly revised 54.0 in March, far below all forecasts in a Reuters poll of economists. "Any signs of rebalancing the economy towards manufacturing and exports remain frustratingly elusive," said Rob Dobson, economist at survey compiler Markit.
if so do you get stock options?
UK mortgage approvals declined unexpectedly last month, as the uncertainty surrounding the general election weighed on sentiment. According to figures released by the Bank of England on Friday, approvals fell from 61,523 to 61,341 in March, short of the expected increase to 62,500. Net mortgage lending was flat at £1.8bn, while consumer credit increased to £1.2m and the effective interest rate on new mortgages fell 0.1% to 2.68% last month. The rate on outstanding secured loans fell 0.01% 3.14%, while loans to non-financial businesses rose £2.7bn in March from the previous month, a 0.5% decline year-on-year, and lending to small and medium-sized businesses fell 1% to £300m. Meanwhile, a separate report showed overseas investors purchased a net £28.2bn of gilts in March, the highest figure since records began in 1982. M4, a wider indicator of money supply, climbed 0.3% month-on-month but declined 0.6% from the corresponding period in 2014. When excluding so-called intermediate and other financial corporations, an underlying measure of M4 rose an annualised 2.5%.
Property investment unaffected by general election: Uncertainty surrounding the outcome of next week’s general election has failed to dampen investment activity in the commercial property sector during the first quarter.
Fixed-rate mortages hit record low as Co-op Bank deal of 1.09% goes on sale: The U.K.’s cheapest-ever fixed-rate mortgage goes on sale on Friday as a price war continues to drive home loan rates to record lows. The “lowest ever” deal, priced at 1.09% for two years, raises the prospect that home loans allowing people to fix their monthly payments for less than 1% could be just days away.
Foxtons’ sales revenues fall as election looms: Foxtons, the London estate agent which this week saw an angry crowd smash the windows of one of its branches, reported a drop in sales revenues as the downturn in the capital’s luxury housing market continues.
London’s luxury housing market suffers slowdown: The number of houses sold for more than £1 million has fallen, according to official figures, suggesting the luxury London market has been hit by tax changes and pre-election jitters.
Build-to-rent call to tackle housing crisis: As much as £30 billion of investment could flow into an American-style build-to-rent sector in Britain in the next five years if the future government helps to tackle the country’s housing crisis.
Annual house price growth edged up in April, the latest House Price Index from Nationwide has revealed, increasing by 5.2% year-on-year, up from the annual growth rate of 5.1% recorded in March. This is the first time the annual rate has increased in seven months, but it's still well below the peak increase of 11.8% recorded in June 2014. Prices also increased substantially on a monthly basis, with the price of a typical UK home rising by 1% between March and April, the largest monthly increase since June last year and a sharp turnaround from the modest monthly increase of 0.1% recorded in March. "The pick-up in price growth has occurred even though the pace of activity in the housing market has remained fairly subdued in recent months," said Robert Gardner of Nationwide, with the number of mortgage approvals being 20% below the levels recorded in early 2014. "It is possible that heightened uncertainty ahead of the election is weighing on activity, though there is no compelling evidence from previous UK elections to suggest a strong impact. [Nonetheless], healthy labour market conditions and continued low mortgage rates should help underpin housing demand in the quarters ahead." The average price of a home in the UK now stands at £193,048, up from £189,454 in March, with the overall index rising from 380.9 to 384.7 in the same period.
Foxtons has echoed property industry sentiment this morning with a quarterly trading update that warns of a muted sales market but growing lettings demand.
U.K. house prices increase at fastest rate since June: U.K. house prices will only rise in a “sustained” way once housebuilding accelerates, according to Nationwide, as its latest data showed prices rose 1% in April, the fastest monthly rate since June.
Average U.K. house price rises above £190,000 for first time: House prices have risen at the fastest monthly pace in just under a year as growth picked up despite signs that uncertainty from the election has been dampening demand across the country.
UK house prices advanced more than expected in April On a YoY basis in the UK, the non-seasonally adjusted house prices climbed 5.20% in April, more than market expectations for an advance of 4.10%. House prices had recorded a rise of 5.10% in the previous month.
Very disturbing to see that there have been two very large director sales yesterday, have they no confidence in their own company? Also other director sales on 15th April. Surely no matter what, people will still want houses, especially in the south and London, no matter what the price. If you can afford a house for £2m + what difference is a few thousand going to make when you are also guaranteed that the property will always be saleable and will increase in value?
Economic activity in Britain slowed far more than economists had been anticipating at the start of the year, according to a preliminary estimate from the Office for National Statistics (ONS). Gross domestic product (GDP) expanded at a quarter-on-quarter pace of 0.3% in the three months ended in March, after an expansion of 0.6% in the last quarter of 2014. Economists had pencilled in a gain of 0.5%. The performance, which was held back by a marked contraction in construction output, was the worst since the fourth quarter of 2012. But in comparison to a year ago GDP was 2.4% higher. Activity in the services sector grew by 0.5% quarter-on-quarter while output from the other three main industrial groupings within the economy decreased, by 1.6% in construction, 0.1% in production and 0.2% in agriculture. Economists said the figures were bad news for the governing coalition but the slowdown is likely to just be temporary. Howard Archer of IHS Global Insight said the print was a "jolt" for the Conservative and Liberal Democrat parties ahead of the general election in nine days but that they can still point to still relatively decent growth in the quarter and take positives from the granular detail within the numbers. He added: "The fundamentals look particularly promising for consumer spending and it is seen growing by around 3.0% in 2015. UK export prospects should also be increasingly helped over the coming months by stronger growth in the Eurozone, although sterling's strength against the euro threatens to limit the upside." Chris Williamson of Markit said the figures most likely overstated recent economic weakness, but that the slowdown "highlights major concerns that linger over the health of the UK economy and will inevitably result in economic forecasts being revised down". Tuesday's GDP numbers are a preliminary reading, he noted, so must be read with caution. "It is based on only partial information for the quarter, and in particular a lack of hard data for March" - a month in which surveys indicated an upturn in the pace of growth. Based on evidence of such surveys and the strongest expected growth of household real incomes since 2006, Vicky Redwood of Capital Economics said she doubted the recovery was on the cusp of a sustained slowdown. "Indeed, Q1's figure could eventually be revised up to these sorts of rates (although obviously not in time to help the incumbent government). We still think that the economy will grow by close to 3% this year as a whole." Vicky Redwood
Great Portland and Aberdeen sell £222 million West End office block: Great Portland Estates and Aberdeen Asset Management have sold a huge office scheme at 95 Wigmore Street in London’s West End for £222.4 million.
Experts voice fears about rent controls: Housing experts warned that Labour plans to bring in rent controls could lead to investors pulling out of the rental market
Housing target risk amid ‘chronic’ staff shortage: Efforts to address Scotland’s housing shortfall are at risk unless a “chronic” shortage of skilled workers can be alleviated, a trade organisation has warned.
Labour’s housing plans wipe nearly £200 million off value of U.K. home builders: Britain’s housebuilders saw their share prices hit on Monday after Ed Miliband unveiled detailed plans to impose rent controls on landlords.
Countryside blames U.K. election doubts for planning delays: Falling planning consent approvals in the run-up to the general election are hampering efforts to ease Britain’s housing crisis, Countryside has warned.
Bricklayers and their bricks still in short supply: Half of all small and medium-sized construction companies are finding it difficult to recruit bricklayers and buy bricks, despite signs that shortages of skilled labour and materials have eased.
UK CBI Business Optimism declines in 2Q 2015 In its business optimism survey, Confederation of British Industry indicated that optimism among London businesses for the next six months had declined, with a net 3.00% of firms showing optimism about their business prospects in 2Q 2015, as compared to a net 15.00% of firms that showed optimism in the previous quarter. Market anticipation was for a net 19.00% of firms to show optimism about their future business prospects.
Right to Buy has been wrong for Britain Such a policy would push up rents by creating a buy-to-let bonanza, writes Stephen Howlett
The equity release sector made a strong start to 2015, with Q1 figures showing the largest first quarter lending total ever recorded. The figures, from the Equity Release Council, show that a total of £325.7m was lent in Q1 2015, an increase of 3% year-on-year. The average value of equity release lending per customer stood at £66,747, up 4% on a quarterly basis and 1% higher than the average lending total in Q1 2014, and marking another record for a first quarter. This average lending figure comes despite low inflation and an ease in the cost of living, which could indicate that households are still struggling with their finances, the report noted. Drawdown continued to be the most popular product with 3,176 such loans being advanced at a total of £192m, up 5% and 4% respectively. This meant the market share also increased year-on-year, with the value of drawdown products accounting for 59% of total equity release lending and the volume making up 65%. It was also revealed that the value of lump sum mortgages (£133.2m, up 1% on an annual basis) accounted for 41% of total lending in the quarter and the volume (1,700) made up 35%. The value of home reversion plans sold, meanwhile, remains less than 1% of the market. "These figures show that the appetite for equity release continues to grow despite the potential uncertainty to peoples' financial planning decisions caused by the recent pension access reforms," said Nigel Waterson, chairman of the Equity Release Council.