Finance Matters

Posts Tagged ‘Northern Ireland’

Scotland’s bid for independence looks likely to change the way that the UK works (to some degree at least), but do secessionist movements have a wider impact?

We’ve taken a look at Europe’s various secessionist movements to show you exactly why you need to watch the situation in Scotland, and why it may have a big impact on the EU.

Everyone’s watching the UK right now.

If separatists in the UK had their way, not only would England (green), Wales (yellow), Ireland (purple) and Scotland (dark blue) be independent, autonomous regions, but so would Cornwall (orange), the Isle of Man (red), Guernsey (light blue) and Jersey (brown).

The UK was formed of independent kingdoms, bit by bit.

Wales formed a union with England in 1536, Scotland in 1707, and Ireland in 1801. While Northern Ireland remains part of the UK, the south became independent in 1921, and became a republic after World War II.

Now, the Celtic nations want out.

While there has been no concrete action yet on the emancipation of Wales and Northern Ireland from the UK, or the creation of a United Ireland, lobbying continues. Scotland was recently granted the power to decide whether they wanted to remain in the UK or not.

Cornwall — currently a part of England — is not sitting idle either. On 14 July 2009, the Liberal Democrats presented ‘The Government of Cornwall Bill’ to the UK Parliament, proposing a devolved Assembly for Cornwall similar to Wales and Scotland. All of them, along with the Isle of Man, have traditionally been considered Celtic nations.

See the rest of the story at Business Insider

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See Also:

• Somali Pirates Tried (And Failed) To Take On A Spanish Warship
• A Closer Look At Rupert Murdoch’s Role In The Possible Break Up The UK
• Even Wales And Northern Ireland Want Scotland To Stay In The UK

Not so long ago houseowners could rely on the equity in their existing property, generated by its growing market value, to fund a move to a larger home, but new research from HSBC confirms that this is often no longer an option.

The bank suggests that a fall in property prices means that first time buyers now need to either save or overpay on their existing mortgage in order to afford to move.

The price of first-time buyer properties has fallen by seven per cent on average since 2007 and large deposits are often required to secure a mortgage.

HSBC estimates that first-time buyers who bought their home in 2007 have a shortfall of £11,000 to move house, effectively trapping them in their existing home, even though it may no longer be suitable for their needs.

Some parts of the UK have been even more severely hit by a slump in property prices with the average first-time buyer home in Northern Ireland estimated to have fallen in value by 42 per cent over the last four years.

In contrast, first-time buyer properties have increased 1.7% in value in London since 2007, although this is the only area where the value has increased.

Pete Dockar, head of mortgages at HSBC, said: “These findings highlight the need to save or pay down an existing mortgage in order to fund that second step on the property ladder; first-time buyers can no longer rely on rising house prices to provide them with the deposit needed for their second purchase.”

The latest UK house price index statistics from the Department for Communities and Local Government show that house prices fell 1.4 per cent on average in the year to September 2011, compared with an annual decrease of -1.3 per cent in August 2011.

House prices were 10.1% higher in April than a year earlier, having gained 0.4% during March.
New figures from the Department for Communities and Local Government put the average cost of a UK home at £207,516, taking into account a 0.9% rise over the three months to the end of April.
However, the quarterly increase was well [...]

The latest house price index from the Department for Communities and Local Government claims that in January, prices were up 6.2% year-on-year, having risen 2.2% since December.
The analysis puts the value of the average UK home at £207,159 in January, having shown an increase of 4.8% over three months.
The quarterly figure compares with a smaller [...]

Latest UK house price statistics from the Department for Communities and Local Government (DCLG) show the value of a typical home up 2.9% in December, compared to a year earlier.
The month saw a 0.8% increase on November, taking the average house price to £200,307 and completing a 2.9% gain for the final quarter of 2009. [...]