ENNESS'S MARKET VIEW - 6th NOVEMBER

ENNESS'S MARKET VIEW - 6th NOVEMBER

ENNESS'S MARKET VIEW - 6th NOVEMBER

Royal Bank of Scotland has plunged back into the red with a 1.4bn ($2.3bn) pre-tax loss during the three months to September. RBS blamed the loss on changes to the fair value' of its own debt, but said it was making tangible progress'. The bank, 84% owned by the tax payer, had appeared to be on the mend after it reported a profit of 1.15bn for the previous three months. RBS Chief Executive Stephen Hester said the bank was making good progress in our recovery', but that highly volatile accounting charges could obscure our underlying story'

Mortgage lenders have called on the UK financial regulator to water down its plans to restrict mortgage lending. The Council of Mortgage Lenders (CML) says the plans by the Financial Services Authority (FSA) are flawed and impractical' but the FSA said it was simply trying to drive out irresponsible lending. The FSA said borrowers needed to be protected from taking home loans they could not afford, which exposed them to being repossessed'. The row between the two organisations has been brewing since the autumn of 2009 with the FSA first proposed that self-certified lending should be banned. Since July this year, the FSA has been consulting on a wider range of plans, which the CML is worried will severely and unnecessarily hinder any upturn in mortgage lending in the future. The CML's director Michael Coogan said he wanted the FSA to rewrite its draft rules. Research commissioned by the CML showed a wide range of evidence that suggests there would be a range of negative, unintended outcomes from the implementation of the FSA's policy and proposed rules as currently drafted'.

House prices in the UK rose by 1.8% in October compared with the previous month but this followed a big drop a month earlier the Halifax has said. The lender said that the less volatile three month on three month comparison showed property values dropped by 1.2%. The average home cost 164,919 according to the survey. Monthly changes in prices had been a mixed picture, the lender said, but it is not predicting a sustained fall. An increase in the number of properties available for sale in recent months, together with a decline in demand, has put some downward pressure on prices in recent months. We do not believe that prices are set to fall sharply over a sustained period' said Halifax housing economist Martin Ellis.

Nearly a third of landlords are wanting to increase the number of properties they have, according to a survey carried out by LSL Property Services. The UK letting agents survey revealed that 28% of buy to let investors were planning to buy more properties during the coming 12 months while 43% think they will maintain their portfolios at their current size. Half of the landlords surveyed said they were seeing increases in the number of people who want to let a home during the three months to the end of October. An increase in demand for rental properties combined with a shortage in rental homes, pushed rents up to a record high of 689 a month in September. Although 71% of landlords said securing a mortgage had become more difficult only 1% believed they thought it was a good time to reduce the number of properties in their portfolio.

And finally, this weekend's bonfire night parties are big business. As many as one third of all professional fireworks displays will take place this weekend, according to the British Pyrotechnics Association. They are worth 30% of the year's turnover. The industry is worth about 20m and there will be in excess of 250 professional displays in the UK this weekend

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