THE worst could be over for the housing market, which could see a sharp boost in prices and activity before flattening out, says Professor David Miles, the new recruit to the Bank of England's Monetary Policy Committee.
In evidence to the Treasury Select Committee, he said because the recent downturn had been so severe he could see a sharp rebound. But he warned that credit would remain hard to get.
However, mortgages requiring a small deposit are becoming av
ailable again. According to Moneyfacts there are now 119 mortgage deals which only require a 10 per cent deposit. Though well down on the height of the boom, it reveals an easing in credit constraints.
Elsewhere, borrowers are reducing their debts at record rates, according to the Bank of England, which revealed an estimated £8.1 billion was repaid during the first three months of the year, taking the total to £23bn for the year to the end of March.
Keydata fraud fearsTHE plight of stranded Keydata Services investors took a turn for the worse last week when a black hole opened up in one of the funds, potentially wiping out their investments.
Keydata had run into financial difficulties after failing to set up Isas correctly. It went into administration after HM Revenue & Customs handed it a £5 million tax bill it couldn't pay.
But now the Fraud Office has been called in after more than £100m is said to have vanished from one fund, SLS Capital, and there are numerous "irregularities" over how money was paid to Keydata customers invested in other funds.
It looks increasingly likely that more than 5,500 investors will have to turn to the Financial Services Compensation Scheme to get their money back (and this pays a maximum of just £48,000). Thousands more can't access their money. And tens of thousands of investors who had been assured that they would not lose their Isa tax wrapper may be taxed on income payments.
Cash for car parkingEDINBURGH is one of the top ten most profitable areas outside London to rent out a parking space, according to parking space letting agent Park Let.
Scottish property owners could rent out their parking bay, garage or driveway for up to £93 a month. The capital, ranked ninth, is the only Scottish city to make the top ten.
Gold rushTHE amount of physical gold bought in the first half of 2009 has almost doubled, according to the gold dealing and ownership service BullionVault. Around 5.43 tonnes of gold was placed in secure vaults in London, New York and Zurich since the beginning of January, almost twice the amount added to BullionVault holdings in the same period last year.
Offers for students STUDENTS will continue to benefit from an interest-free overdraft of up to £3,000 with the Halifax this year, representing the largest student overdraft on the market.
The account also offers commission-free currency and traveller's cheques, a 25 per cent discount on AA breakdown cover and a 20 per cent discount on Halifax card protection insurance.
Mobile web warningTHE latest wave of roaming caps for mobiles have arrived, but moneysupermarket.com warns there are still traps to look out for when using your mobile phone abroad.
The internet comparison website advises holidaymakers not to use the internet on their phone since it won't be included on an existing internet access plan. There have been cases where people have racked up thousands of pounds on their phone bill just by using mobile internet abroad and assuming it's included in their call package.
The full article contains 613 words and appears in Scotland On Sunday newspaper.
