Capital 1 Homes is opening in the EU.
Capital 1 Homes is opening in the EU as the credit crunch is very much a worldwide problem and much like us in the UK, Scotland, Wales and Ireland. Europe is also facing repossession problems. We all are affected by the credit crunch one way or another with fuel prices and household bill’s at an all time high and the cost of living is still increasing. People facing the biggest problems are those who have taken out mortgage products and now they are near to an end and find they have negative equity in the property or they haven’t enough equity for a new mortgage product so they find they have to put down more money when we are all running on tight budgets.
The bank of England has made an additional 40 bn dollars available on Wednesday the 24 September 2008 to the financial institutions on a short term loan basis. The BoE have offered the sum on a daily basis since Thursday the 18 September 2008. This is to help the banks that are struggling to access founds from the commercial lender because of the global pressure on credit. Major central banks last week have agreed to inject hundreds of bs of dollars into the money markets that have been battered by the on going financial crisis.
HSBC has announced job cuts
HSBC has announced that there will be a world wide cut in jobs of 0.3%.HSBC holding plc, Europe’s largest bank by value. They have 335-000 workers world wide in the wake of financial turmoil. The London spokesman for HSBC said that there will be a 4% job cut off the global banking and half of that will be from England.
Britain’s houses in record price fall
The housing market fell by a record 4.6% during the year to the end of august figures showed on Friday 26 September 2008. The land registry said the annual rate of growth has been falling in England , Wales for the last 12 months. This is the lowest it has ever been since records began in 2001. Homes dropped 1.9% in August to show the biggest fall ever recorded by the land registry group and this is in all parts of the country. The average house price is around £174,000.00 with this dropping every month.