A break in the clouds for property and retail sales

My Account
Logout

Create an Evening Standard Account

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Welcome! Sign in here

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Forgot your password ?

Registration

* indicates fields that are mandatory

Email *

Password *

Confirm Password *

First name *

Surname *

Postcode *

Country *

Mobile phone number

Username *

Gender *

Year of birth *

When you sign up...

You will have access to all our online competitions, discounted offers and can post comments on our site.

You will also receive The Weekender newsletter sent every Thursday - it’s full of fantastic offers and ideas for the weekend. You can update your email preferences in your account page when you log in.

Other newsletters and emails

Homes & Property Newsletter - Yes I want to receive the weekly email with all the latest news on property in the capital

Occasionally we would also like to send you relevant emails detailing specific offers either from ourselves or carefully selected partners. If you would prefer not to receive these then please tick the appropriate boxes below. We will never pass on your details.

I do not want to receive additional offers and information from the Evening Standard

I do not want to receive additional offers and information sent by Evening Standard on behalf of carefully selected partners

Terms and Conditions

* I have read, understood and agree to be bound by the terms and conditions of Evening Standard

Registration

Mail Sent for Registration Confirmation.

A confirmation email has been sent. Please activate your account by clicking on the activation link sent in your mail box.

Figures from the Council of Mortgage Lenders showed the number of mortgage loans approved to buy homes in February was steady on the previous month's figure, stemming the previous rate of decline.

On the year, the rate of lending is still down massively - by a third - with the 43,870 loans approved little changed from the 43,732 of January.

The figures appeared all the more optimistic in the light of moves by many lenders to rein in their lending, or tighten up their criteria.

The Council of Mortgage Lenders said the typical loan for first-time buyers was for 88% of the property's value, compared with 90% in December. Across all homebuyers, the loan-to-value ratio was down from 73% to 70%.

Meanwhile, the CBI reported retailers were not as pessimistic as many analysts have been expecting. A survey by the employers' organisation found that sales volumes, although still weak, had improved in March, albeit at a sluggish rate.

Gavyn Davies, the former Goldman Sachs chief economist who now chairs Fulcrum Asset Management, predicted the UK would suffer "a bigger dent to activity than in 2001-2 because of a shrinking in the financial sector, but not a prolonged recession".

Davies, who famously resigned as chairman of the BBC after the Hutton Report, was also relatively bullish about the US economy, which he declared was "now already in recession" but would be back in growth mode by the end of the year.