View more on these topics

The number of super-rich doubles, says Datamonitor

Independent analyst Datamonitor&#39s new report, Ultra High Net Worths, finds that there has been a surge in the number of ultra high net worth individuals (those with more than £5 million in onshore liquid assets) in the last five to ten years.

In the last five years alone the number of ultra high net worth individuals in the UK has more than doubled, from 1,500 in 1997 to 3,300 by the end of 2001.

Earners have become much more important in the ultra high net worth (UHNW) market than inheritors. Those that have earned their riches are much more common in the modern UHNW market than those that have inherited them, with around 60% of ultra high net worths currently being earners. The sectors they earned their wealth in have changed. Computers, technology and media have become much more important.

UK ultra high net worths are much older on average than the total population. 33% of UK ultra high net worths are between the ages of 55 and 64 whereas only 23% of the general population is in this age group.


Housing market enters cooling-off period, claims Rightmove

Rightmove&#39s first ever Real-time Property Report shows that the housing market has entered a natural cooling-off period after the strong growth of the past 12 months. The report found that the rate of growth of asking prices nationally has fallen in four consecutive months, with monthly price inflation declining from 4.5% in April to 0.8% […]

Excessive fee rule

The FSA intends to introduce a rule on excessive fees for mortgage advice or arranging, similar to the excessive charges rule that exists for investment business. The regulator says this will help set standards for the prevention of high-pressure selling, excessive charges and inducements. The FSA has proposed that a responsible lending rule remains valid […]

35 questions the FSA want answered

The FSA have specifically asked mortgage advisers and other industry figures for their opinion on the below issues arising from CP146. Respondents are asked to send their views to: Louise BeerHigh Street Firms Division10th FloorFinancial Services Authority25 The North ColonnadeCanary WharfLondon E14 5HS Responses can be sent electronically using the form on the FSA&#39s website […]

Mortgage lending breaks record in July, says CML

Mortgage lending set new records in July as gross lending totalled £21.8 billion, an increase of 41% year-on-year, new CML figures have shown. But although loans for house purchase and remortgaging both reached record levels, the latest monthly figures followed a quieter period in June during which lending was affected by both the jubilee celebrations […]

US: mid-year review and outlook

By Felix Wintle, Manager of the Neptune US Opportunities Fund H1 2014 Economic data: after last year’s strength, economic data has disappointed. Indeed, the economy contracted 2.9 per cent in the first three months of the year — the US economy’s worst performance for five years. However, rather than a symptom of underlying economic weakness or […]


News and expert analysis straight to your inbox

Sign up