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’Snap news
Breaking pre-market news on Thursday,
- Telefonica, Vodafone said to be preparing bids for Hansenet – Bloomberg.
- Nationwide reports surprise bounce in March house prices – statement.
- National Express appoints John Devaney as chairman – statement.
Nationwide takes on Dunfermline assets
Nationwide Building Society on Monday said it expected to receive about £1.6bn of cash from the UK government as part of a deal to take over the healthiest parts of Dunfermline Building Society, its stricken rival.
Nationwide buys Dunfermline
08:06:35 DI *DJ Nationwide B.S. Takes Ownership Of Dunfermline’ Retail Deposits
08:06:52 DI *DJ Nationwide B.S:. Retail Deposits Valued At GBP2,353M
08:07:28 DI *DJ Nationwide B.S.: Dunfermline Brand Will Remain
Statement:
UK house prices – nearly where they should be
… where they should be if you’re a fan of mean reversion anyway. But still nowhere near as low as they will be if previous downward trends are to be believed (more like nearly halfway there).
To wit,
UK house price collapse: moderating
Some good news. Or at least, the absence of more dreadful news.
UK house prices fell just 0.4 per cent in November, according to the latest numbers from Nationwide.
Which means that the year-on-year rate of fall has also come down.
Bittersweet Nationwide
The message from the UK’s second-biggest mortgage lender Nationwide on Monday morning – “It’s just not fair!”
Why should the mutual lender, posting an 18 per cent drop in underlying H1 profits to £322m vs £394m,
Snap news
The latest on Monday,
- Santander readies €7.2bn rights issue – statement
- HBOS rejects letter from Burt and Mathewson – statement
- Nationwide reports £322m H1 underlying profit; £74m bad debt charge – statement
- Corporate results:
UK house prices drop 14.6% year-on-year
UK house prices fell by 1.4 per cent in October, according to the latest Nationwide House Price Survey, marking the 12th consecutive monthly decline in house prices and bringing the year-on-year drop to 14.6 per cent.
Fin-de-siecle UK house prices
It’s worth remembering that underlying all of this economic turmoil is the collapse of house prices, and with it, the massive deleveraging of consumer-debt.
UK houses prices have fallen 14.6 per cent since this time last year,
UK house prices: A graph retrospective
The latest monthly figures from Nationwide are out: with an average fall in price of 1.7 per cent this September alone.
That continues the steep fall seen in August, which also saw a decline of 1.7 per cent.
UK’s Nationwide in merger talks
Nationwide, the UK’s largest building society, is in advanced talks to merge with two smaller rivals, the Cheshire and the Derbyshire, in the most high-profile sign to date of consolidation in the sector.
Nationwide to set up Irish operation
Nationwide, the UK’s biggest building society, plans to open a savings operation in Ireland – allowing it access to funding from the European Central Bank. The mutual wants to attract retail savings by post,
Snap news
The latest on Thursday,
- HBOS takes £1bn writedown, underlying profit down 56%, core tier 1 capital 6.5%, “considering selective asset disposals” – statement part I, part II.
- Prudential operating profit up 7% – statement part I,
Cliff dive? UK edition
Remember this gradient? We may be headed for a home-grown variant.
Nationwide’s latest house price data revealed the largest monthly drop in the survey’s 17-year history, and marked the seventh successive monthly fall in house prices.