Solicitors are calling for a licensing system to regulate estate agents and increase transparency over their ‘excessive fees’. The Law Society of England and Wales says that along with stamp duty, estate agents’ fees account the majority of the costs of a house sale. The Law Society is puttingRead More →

Chelsea Building Society has been lambasted by its industry body and the financial regulator for claiming that losses from fraudulent mortgages are multiplying across the sector. The embattled lender took a £41 million hit after unearthing a massive fraud on its buy-to-let and self-certification loan book. In an apparentRead More →

The Treasury‘s top official has been knighted in the new year’s honours list for his role in dealing with the credit crunch. The decision to give Nick Macpherson, who was appointed in 2005 as permanent secretary at the Treasury and who has overseen the peak of the lending boomRead More →

The number of homes being built in Britain has plummeted to its lowest level since the early 1920s as falling house prices exacerbated the credit crisis in the construction industry. A report out today reveals there have been just 135,000 housing starts this year, compared with 203,500 in 2014,Read More →

The Financial Services Authority, the City watchdog, is proposing a clampdown on the charges that lenders levy on customers who are in arrears, as well as stressing that they must only consider repossessing a home as a last resort. The latest round of proposals comes after problems with theRead More →

Mortgage lending rose 7 per cent in October according to the Council of Mortgage Lenders (CML). The figure is 44 per cent lower than in October 2014 and the CML said lending would remain weak over the next few months despite the recent interest rate cuts as consumer confidenceRead More →

New figures have shown that student rents have increased by an average of 19 per cent during the past five years, and 1.5 per cent since April 2015, despite the economic downturn. During the same period rental rates in the mainstream market have fallen by 6 per cent onRead More →

The Financial Services Authority (FSA) has been accused of complacency in its dealings with building societies. A former FSA worker told Lib-Dem spokesman Vince Cable that poorly qualified FSA officials, who had no background in the industry and didn’t understand its ‘community roots or limitation’, allowed building societies toRead More →