Money

A First Time Buyers Top 5 Tips

It seems that things are currently about as bad as they've ever been for first time buyers. Property prices (and mortgage payments) are soaring and with the average house costing around £200k, many first time buyers need to have a couple of fairly hefty salaries, or a serious amount of cash in the bank to be able to buy. Read More …

Experian guide reveals the truth about IVAs

Following Tuesday’s announcement by the Insolvency Service of a 12-week consultation on simplifying Individual Voluntary Arrangements (IVAs), Experian®, a leading UK credit reference agency, has launched a new guide to help indebted consumers understand the full impact of an IVA on their financial future. Read More …

UK Pensioners 'face dire old age'

The majority of UK workers are heading for a financially tight retirement with incomes set to be cut by an average of about a half when they retire, according to a report from the Fidelity Retirement Index which examined levels of pension saving across the UK. Read More …

RBS Plan To Charge You For NOT Using Your Credit Card

RBS card holders face new charge as bank tries new methods to reclaim unfair late payment charges cut by government legislation The Royal Bank of Scotland is planning to charge its credit card customers if they fail to give notice that they are changing address. The bank says it will charge £12 if customers do not inform it of a new address within 60 days. Read More …

FT House Price Index March 2007

The latest FT House Price Index, updated with the most recent monthly data from the Land Registry, shows that house prices rose by 0.7% in March and by 8.1% over the past 12 months We calculate the FT House Price Index, on a seasonally and mix adjusted basis, as follows: House Price Index Monthly Change % Annual Change %
September 2006 £207,464 211.2 0.8 7.4
October 2006 £209,446 213.2 1.0 7.7
November 2006 £210,787 214.6 0.6 7.9
December 2006 £212,464 216.3 0.8 7.8
January 2007 £213,759 217.6 0.6 7.9
February 2007 £215,638 219.5 0.9 8.0
March 2007 £217,076 221.0 0.7 8.1
COMMENTARY BY PETER WILLIAMS
. Dr Peter Williams, Chairman of Acadametrics, comments,
“Monthly house price growth at 0.7% and annual growth at 8.1% are both in line with our results over the last four months. They continue to indicate that, nationally, house price increases have slowed and flattened out, a view we have offered for a number of months and with which other indices now seem to be agreeing. At a regional level, using a three month average to smooth volatility, the annual rate of price increases in the South West and East Anglia at 8.5% are just above average whilst, in London, the rate has accelerated to 12.2%.
“London continues to have a large impact on the national figures but it is a market driven by a wider range of factors than elsewhere. Excluding London, our annual increase would be 6.9%, rather than 8.1%. In fact, price increases in some regions are now quite muted and, on a monthly basis, are showing little change.
“With the effects of past interest rate increases still working their way through the market and with the continuing threat of further interest rate increases, we expect to see the market remaining moderately subdued. Consumer confidence remains low, albeit it has slightly improved.
“Transaction numbers do not seem to be indicating any great rush to put homes on the market before the 1st June 2007 introduction of compulsory home information packs and the extra costs this will impose on sellers, and we must await to see whether, after this date, a shortfall in supply will exist. “In our view, the divergence between indices in terms of both trend and aggregate continues to be a source of concern, especially given the close scrutiny the housing market is now receiving from the MPC. It is vital that market assessments are as accurate as possible.” Read More …

Friends And Family Must Do More To Help Older People Claim Vital Benefits Cash- Warns Age Concern

Age Concern is calling on people across the UK to urge their older friends and family to claim their benefits as this could dramatically improve their quality of life and lift many out of poverty. The call comes as new research for the charity reveals that more than a third (35%) of people are worried that an older friend or relative is missing out on vital money benefits.1 Read More …

UK rates held at 5.25%

In good news for borrowers, UK interest rates have been held unchanged at 5.25% by the Bank of England's Monetary Policy Committee. Read More …

Claimants miss out on £8bn

Figures published by the Department of Work and Pensions show that of all means tested benefit provided by the Government and Local Authorities, as much as £8bm goes unclaimed. This represents a staggering 20% of all the funds that are set aside for the purpose. Read More …

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