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Lib Dems highlight crash worries

The Liberal Democrats say that a Treasury Select Committee report on the 2004 Budget showing commentators&#39 concerns over a housing market crash demonstrates the potential threat it poses to the economy.

Norman Lamb MP, Liberal Democrat member of the committee, says: “It is clear that many independent commentators differ from the chancellor on the potential threat to our economy from rising interest rates, high house prices and consumer debt.

“The deputy governor of the Bank of England has acknowledged that these factors pose a &#39credible threat&#39.

“The views of the many experts contradict Gordon Brown&#39s complacent attitude towards debt, house prices and interest rates. The IMF is also now warning that half of all house price booms end in tears.

“Brown should acknowledge now the potential threat of house price boom and bust is similar to the early 1990s. It is time the government took action to protect ordinary homeowners against irresponsible lending.”

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Property bond launched

Newcastle has developed a three-year building society account in which return is linked to the performance of the Halifax house price index. This short-term property bond offers a return based on 75% of any rises in the Halifax house price index over the next three years and has a full capital guarantee. Research from the […]

RICS says no to regulation

The Royal Institute of Chartered Surveryors says it is vehemently opposed to plans to regulate the general insurance market and wants the FSA&#39s tanks off its lawn. It says that further regulation of general insurance activity within property and construction would be, unnecessary, bad for business, expensive, anti-competitive and counter productive In a letter to […]

London Scottish Mortgages appoints management team

London Scottish Mortgages has appointed a management team ahead of its planned relaunch at the Mortgage Business Expo in May. LSM&#39s team will be led by Kevin Cooke as head of secured lending, with Martin Coates assuming responsibility for sales and marketing activity. They replace the previous directors, Mike Rashman and Carl Montlake, who have […]

Intermediaries in last chance saloon, says Amity

UK brokers are deluding themselves if they believe they have several months to complete the paperwork necessary to become directly authorised by the FSA on October 31, says Amity Direct. The packager is warning that the real deadline is April 30 and time is running out fast. Julie Hamilton, operations director at Amity Direct, says: […]

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