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Website points to Blair’s mixed housing legacy

With Tony Blair due to step down as Prime Minister later this week, says his housing market legacy includes lower mortgage rates but also declining numbers of first-time buyers.

It says the average mortgage rate during the Blair years was 5.9% compared with 8.8% in the decade before he took office. Average house prices have risen from £68,000 in May 1997 to £197,000 today. And individuals’ average mortgage borrowing has soared from £47,000 when he first took office to £125,000 as he departs.

First-time buyer numbers have shrunk. Some 45% of mortgage borrowers were first-timers in 1997, compared with about a third today. And the cost of moving home rose from £2,927 in the year before the Blairs’ removal van arrived in Downing Street to £9,486 to-day, an increase of over 300%. Average household income rose by just 43%.

Warren Bright, chief executive of, says: “The housing market has been energetic during the Blair years, but the bottom rung of the ladder has moved out of the reach of many.”


TFC appoints financial director

TFC Group has appointed Phillip Latala as financial director with responsibility for all businesses in the group. He says: “There is a sense of energy in TFC and I am looking forward to helping develop the business.”

RBS consortium set for Amro bid

The Royal Bank of Scotland-led consortium aiming to beat Barclays’ bid for Dutch bank ABN Amro says it will make a €71bn (£47.4bn) offer in mid-July.

Focus Solutions appointments

Focus Solutions Group has appointed Clive Boulton as BDM and Alan Gordon as business consultant. The point-of-sale and extranet solutions provider is hoping to boost its position within the mortgage market with these additions to its team. Earlier this month, Peter Hain, MP for Neath and a candidate for deputy Prime Minister, called for Stamp […]

AIFA praises FSA for its “robust” compensation scheme proposals

The Association of Independent Financial Advisers has praised the Financial Services Authority’s for its proposed reform of the compensation scheme as “robust” and “fair”.Chris Cummings, director general of AIFA, says: “The compensation scheme is a vital regulatory safety net which helps maintain consumer confidence in the financial services industry, but it is in need of […]


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