UK Money News - December
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31/12/2007
- UK property 'hotspots' named for 2008
A number of hotspots have been identified around the UK as areas in which property prices are expected to increase considerably over the next 12 months. - Insurance 'important for travellers'
It is important for people considering taking a bargain holiday in the new year to make sure they invest in a travel insurance policy, Sainsbury's Bank has stated. - People 'should look over life insurance policies'
People can save money on their life insurance policy by reviewing it carefully to make sure it reflects the falling market cost of cover, according to Life Search. - Apacs report dispels personal finance myths
Cash and cheques are still popular methods of payment in the UK, a new study from Apacs has revealed. - Personal loan 'good way' to manage debt
An unsecured personal loan could be a good way for people to manage their debt, Moneyfacts.co.uk has suggested. - Fair Investment Company: Budgeting makes a difference
With "millions" of people in the UK experiencing trouble with debt following their holiday spending, Fair Investment Company has suggested that common sense is the best way for people to regain financial control.
28/12/2007
- Shoppers advised to know their refund rights
Returning Christmas presents can be inconvenient due to busy sale periods, but shoppers may benefit from knowing their rights at this time, Halifax has warned. - Equity release up for Q3
The third quarter (Q3) of 2007 saw more money withdrawn from UK properties than the previous three-month period, it has emerged. - Mortgage approvals "low" for November
Mortgage approvals for the month of November this year were low once again, according to the British Bankers' Association (BBA). - LBS announces mortgage sale
Leeds Building Society has announced details of a mortgage sale which it claims will make its fixed-rate mortgage product one of the most competitive on the market. - New services 'help consumers manage money'
As the new year looms, some personal finance institutions are unveiling services intended to provide help with money for consumers in the year ahead. - FSA provides 2008 help with finance advice
Many consumers in the UK are too scared to open their bills in the wake of the Christmas splurge, it has been claimed. - Abbey predicts debt swap fever in 2008
As the new year approaches many people will be including improved financial management in their list of resolutions for 2008 - and new figures suggest that swapping credit cards could be one way many people seek out help with money. - House prices have fallen in December, says Nationwide
House prices across the UK have fallen by an average of 0.5 per cent during December, it has been reported. - Nationwide savings rates 'remain competitive'
Following the Bank of England's interest rate cut earlier this month, one building society claims that while its savings rates have fallen, its products remain competitive. - Drivers 'must inform insurers of foreign usage'
Any driver from the UK intending to use their vehicle outside of the European Union must make sure their insurer is aware of their journey, it has been stated. - Card rates 'will creep up in 2008'
Credit card rates are set to continue increasing during 2008, perhaps reducing their attraction as a source of help with money. - Average NYE spend just £30, says Fool.co.uk
Fool.co.uk has suggested that the average spend for Britons on New Year's Eve (NYE) will amount to just £30.48.
27/12/2007
- Nationwide research finds saving a priority
New research from Nationwide Building Society has found that saving is the top priority for Brits in 2008. - Debt consolidation right for new year, says Thomas Charles
Methods of debt consolidation can be particularly effective if implemented over the new year, Thomas Charles suggested this week. - Abbey: Protect your home on New Year's Eve
More than three-quarters of UK homeowners said they worried about their property being burgled on New Year's Eve, a personal finance survey revealed today.
24/12/2007
- Balance transfer 'a viable method of addressing debt'
Consumers who find that they have spent over their budget during the Christmas period could consider balance transfers or debt consolidation as methods of addressing their trouble with debt. - Households 'must ensure adequate insurance'
Homeowners should ensure that they have appropriate insurance for their property, it has been stated. - Seasonal low 'worsened by jobs data'
British consumers have become increasingly concerned about the prospect of rising prices and losing their jobs as Christmas approaches, according to the latest personal finance news. - Poor advice 'impacts on Britons' finances'
Poor advice from family and friends has had a negative impact on the finances of many thousands of Britons, according to a recent study. - Millions spent in last-minute buying
Millions of British consumers are set to hit the high street one final time before Christmas Day arrives, according to recent research. - Older homes 'could be better insulated'
Older houses in the UK might be less well insulated than newer builds, one body has suggested today. - Good heating 'can save on energy loss'
Taking the time to learn how to use a heating system properly can be a useful route to saving money, it has been claimed. - Inheritance tax planners 'should start early'
People who are looking to organise their estate after their death should start early to make sure all is in order, it has been claimed. - Loans applications 'to soar in January'
Lenders are likely to see a surge in loan applications in January as over-zealous Christmas shoppers look for help with money to consolidate their debts.
21/12/2007
- Lenders 'not passing on interest rate cut'
Just one fifth of lenders in the UK have acted promptly to pass on the interest rate cut implemented by the Bank of England this month, it has been claimed. - Halifax announces carbon labelling for Web Saver
One personal finance institution in the UK is celebrating today, having stated that it is the first such banking organisation to carbon label a product. - Borrowing culture 'repeating on consumers'
The borrowing culture relied on for so long by one generation in the UK is starting to come back to haunt them, according to one firm. - Breakdowns 'peak on January 2nd'
The number of breakdowns on the UK's roads soars by 15 per cent during the festive season, one personal finance provider has warned. - Mobile phone strictures welcomed
The announcement in recent days that drivers using their mobile phones while on the road could face a jail sentence of up to two years has been welcomed by one insurance provider. - Mortgage borrowers 'can look forward to cheaper costs'
A "scrap" of good news has been received by borrowers on variable-rate mortgages following the reduction of the interest base rate. - Lenders 'tightening criteria' on borrowing
The credit crunch has impacted on the personal finance market in such a way that lenders are tightening their criteria regarding who they will provide help with money to, it is claimed. - Providers 'must ensure Sharia compliance' on Islamic products
UK personal finance institutions interested in making the most of the Islamic way of conducting business must be careful to keep their operations separate, it has been stated. - Low interest 'leads to premium bonds'
Poor levels of interest in other modes of help with finance have led increasing numbers of people to purchase premium bonds, according to one body. - Bank of England 'has tough calls to make'
With inflation expected to increase gradually over the next year, the Bank of England will have some difficult decisions to call on interest rates. - Rental demand 'to rise in 2008'
Demand for rented property in 2008 could rise slightly, although it is unlikely that a marked rush will be in evidence.
20/12/2007
- Online shopping budget 'can help people control spending'
Using the internet for shopping this Christmas can help people control their finances, according to online payments system PayPal. - Help with finance 'harder to find' in 2008
Consumers may find it harder to obtain finance during the course of 2008, according to the chief economist of the Royal Institution of Chartered Surveyors (Rics). - Bank run 'boosts building society savings'
Building societies in the UK saw savings hit £2.3 billion in November, according to new figures. - Lack of funding 'impacts on housing market'
It is a lack of funding rather than consumer demand that is responsible for a decline in mortgage lending during November, according to one industry expert. - Santa insurance message 'relevant to all'
Elephant.co.uk has highlighted that Santa's poor driving habits are not necessarily friendly for car insurance premiums. - Landlords 'could suffer from flat surplus'
The number of flats currently on the market in the UK suggests oversupply - which could mean some investors are not getting the help with money they hoped for. ...more - Those facing repossession 'have options'
Homeowners who have got into debt and are under threat of repossession have a number of options open to them, one personal finance advice service has stated. ...more - Joint mortgages 'can be risky'
Anyone considering seeking help with money by entering into a joint mortgage with a stranger is taking on a significant risk, it has been claimed.
...more - Let-to-buy 'is a redundant product'
Let-to-buy mortgages have been made somewhat redundant by the success of the buy-to-let market, it has been claimed by one specialist. - Credit crunch 'leads lenders to reassess'
The credit crunch in financial markets has resulted in a change in the way that lenders assess mortgage applicants looking for help with money, it has been asserted. - 'Start saving now' for Christmas 2008
People who are aware of having overspent this Christmas and regretting not having the help with money they would have liked for the season might like to start saving early for Christmas 2008, it has been claimed. - Christmas lights fire risk warning issued
Decorating a house with vast amounts of lights and decorations will not affect its home contents insurance - although owners should be wary of the fire risk involved. - Increased longevity 'pushes life premiums down'
Improvements in medical science and the resultant rise in longevity have resulted in a "dramatic" reduction in the cost of life assurance, one company states. - House prices 'to remain stable in 2008'
UK house prices in 2008 are likely to remain stable, according to the predictions of one personal finance body. ...more - Terror tots tear up homes
With all the excitement of the Christmas season drawing ever closer, some homes will be viewing with dread one of the greatest threats known to wallpaper.
19/12/2007
- New year's resolutions show growing green concerns
The desire to lead more ecologically-aware lifestyle is showing itself in people's new year's resolutions, according to one personal finance firm. - Christmas debt 'should be cleared swiftly'
Consumers who build up debts as a result of needing help with finance over the Christmas period should clear their borrowing as quickly as possible next year, it has been claimed. - Drivers 'must take precautions during winter'
Car insurance customers wishing to avoid needing help with money during the winter months should take sensible precautions to avoid accidents, one body has claimed. - Credit Cards 'can provide flexibility at Christmas'
Credit cards can offer a useful means of carrying out Christmas shopping, it has been claimed. - Mixed housing 'is important for communities'
Consumers looking to compare mortgages on new properties in the coming years might like to consider the nature of their surroundings, perhaps taking heed of observations from the Town and Country Planning Association (TCPA). - Hips 'not being used'
Estate agents across the country are reporting that home information packs (Hips) are not being used to fulfil their purpose, it has been claimed. - Builders 'will not drive housing shortage recovery'
It is unlikely that the UK housing market will build its way out of the current shortage, one specialist personal finance commentator has stated.
18/12/2007
- Stakeholder CTFs 'are more efficient'
Investing child trust funds (CTF) in stakeholder vehicles will provide greater help with money than straight cash CTFs, it has been claimed. - Life insurers 'encourage healthy lifestyle'
Life insurers should be involved in encouraging UK consumers to adopt healthy lifestyles, it has been argued. - Heating bills 'could rise by 10%'
Energy prices in the UK consumer market are likely to rise by around ten per cent in the coming months, one price comparison site has warned. - Consumers without the best credit card deal 'throw money away'
Consumers who do not shop around for the best deal when choosing a credit card might as well "stand on a street corner tearing up fivers", according to Money Extra. - TUC applauds Financial Assistance Scheme decision
Many workers who lost out through collapsed pensions schemes will likely welcome the most recent announcement from the government on the Financial Assistance Scheme, it has been claimed. - Next year 'will be financially tough'
A combination of factors will make 2008 a "tough year financially", according to AWD Chase de Vere. - Stigma of borrowing 'has dissipated'
In modern society, there is no shame attached to borrowing money from family and friends, it has been claimed. - 'Avoid risking security by bailing out others'
Consumers should be careful to avoid getting into trouble with debt themselves in an attempt to provide help with money for friends and family. - European markets 'set to soar'
People looking to compare mortgages abroad as a means of establishing help with money might like to focus on Europe's emerging markets. - Halifax: Take steps to deter thieves
With Christmas fast approaching, the value of easily available, brand-new items in the home has risen substantially in many properties.
17/12/2007
- Rising tracker prices 'set tone for energy in 2008'
The threat of higher energy prices has been further compounded by an announcement from npower that it intends to increase the tariff for its wholesale price tracker, it has been suggested. - RBS offers emergency taxi cash
With the Christmas season approaching and celebrations in full swing, many people will be looking to travel by taxi in the coming days. - Hips criticism 'will decrease'
Current levels of criticism for the government's home information pack (Hip) scheme will die down in the coming months as they become normalised in the housebuying process. - Life insurance 'very competitive'
The life insurance market in the UK is very competitive at the moment, meaning that the help with money on offer to consumers is unusually favourable. - 'Clean solutions advisable' during divorce
People who are in the process of seeking a divorce should make efforts to agree the division of property amicably, it has been stated. - Debtors 'must seek regulated advice'
It is of the utmost important that people in need of help with money avoid dealings with an unregulated lender, it has been claimed. ...more - Financial planning 'should take priority in the new year'
Getting a strong grasp on their personal finance situation should be many consumers' new year's resolution, one provider of help with money has claimed. - Christmas cover 'may not extend into 2008'
Ensuring that you have sufficient insurance is vital over the Christmas period to avoid a personal finance disaster. ...more - Users 'should seek the best energy deals'
The latest high-user electricity offering from npower has been met with disappointment by one price comparisons site.
14/12/2007
- Burglary 'need not ruin Christmas'
Many homes across the country are at ris of losing all Christmas cheer due to burglary, one personal finance provider has stated. - Legal & General urges bag assessment
Many people may not realise the full value of the possessions that they carry around with them on a daily basis, it has been claimed. - Friendships 'can be damaged by lending'
As many as ten million people in the UK have fallen out with friends and family over money, it has been reported. - Christmas rush 'increases costs'
Less organised Christmas shoppers could find themselves needing more help with money than their well-prepared counterparts when the dust settles after Christmas, it has been suggested.
13/12/2007
- Credit providers 'should give repayment examples'
Credit card companies should be obliged to provide examples of the costs involved in their help with money, it has been claimed. - Tracker mortgages 'coming into their own'
In the present climate tracker mortgages are becoming increasingly attractive, it has been claimed. - UK 'is talking itself into a slump'
The chances of a housing slump in the coming year are not as high as the media and popular imagination would have it. - UK motorists 'get friendly with their car'
More than one in four motorists in the UK have admitted that they have treated their cars more like a friend than an object, according to new research from What Car? magazine. - Hips 'are weakened by the omission of HCRs'
Home information packs (Hips) would provide far greater help with money to consumers if a home condition report (HCR) was included, it has been claimed. - Utilities firms 'should follow a code'
Consumers who are "languishing" on old gas and electricity tariffs are handing over a collective £2.5 billion unnecessarily each year, it has been claimed. - Consumer confidence 'relies on avoiding trouble with debt'
It is important for the economy that consumer confidence is maintained - and this relies in part on ensuring that people do not find themselves in trouble with debt. - Burglary risks at Christmas highlighted
As many as one on five people plan to travel away from home during the Christmas period this year, putting themselves at risk of burglary, it has been suggested.
12/12/2007
- Lower rates top financial wish list
Of all the personal finance presents that people wish they would receive this Christmas, a falling interest rate would be most welcome. - Women 'must remember to save for the future'
Women should acknowledge their need for help with money in the future as well as spend in the present, one personal finance news firm has stated. - Many people 'do not know their credit card rates'
Higher numbers of people are experiencing credit problems because they do not appreciate the effect of interest rates on their borrowing. - UK prices 'prompting property searches abroad'
Persistent high prices in the UK housing market are resulting in more and more people looking overseas for investment opportunities, it has been claimed.
11/12/2007
- Fixed-rates 'provide peace of mind'
Fixed-rate mortgage products stretching over longer periods have become increasingly popular due to the certainty that they can provide. - DIY fiends 'should get accidental damage cover'
Homeowners planning to get out the toolbox and start tidying up their property might like to consider taking out accidental damage cover before they begin. - Empty homes difficulties 'changing'
Problems associated with empty homes have changed in recent years with different areas affected, it has been claimed. - Homebuyers 'drifting away from fixed-rates'
New figures from the Council of Mortgage Lenders have identified a shift in the mortgage market away from fixed-rate deals, according to one personal finance organisation. - Eurostar 'will open up Paris to homeowners'
The increased pace with which the Eurostar will be able to deliver commuters across the channel could open up the Parisian property market to London residents, it has been claimed. - Faltering savings culture 'will cause problems'
The current lack of an established savings culture could lead to major personal finance difficulties for many in the future, it has been claimed. - Estate agents 'will make the best of Hips'
Effective estate agents will use home information packs (Hips) to the benefit of both buyers and sellers, it has been suggested. - Draught-proofing 'will save money in the long-term'
Anyone looking for help with finance through reduced utility bills should certainly consider effective draught-proofing, one industry commentator believes. - Faster lifestyles 'are changing banking relationships'
Changes in the way that people bank reflect the faster pace of modern life, one personal finance institution has stated. - Brits 'need to get in financial shape'
Only one in one hundred people in the UK are in the best personal finance condition they could be, finance news released today suggests. - Winter sunseekers 'should beware of card charges'
Any UK residents keen on catching some continental sun rays during the winter season could be well advised to consider a personal loan over credit card spending.
10/12/2007
- Life insurance fraud 'is relatively rare'
With the exception of a few high-profile cases, there are very low levels of fraud in the life insurance market. - Credit cards 'are more efficient than storecards'
Borrowers looking for help with money as the last Christmas rush looms should opt for credit cards over store cards, it has been suggested. - New buyers 'could win or lose in 2008'
First-time buyers looking to compare mortgages in 2008 will find that recent market changes present a double-edged sword, it has been claimed. - Credit crunch 'will not stop borrowing'
The current tightness in credit markets is unlikely to dissuade most consumers from borrowing, it has been claimed. - Current situation 'will inform 2008 troubles'
The current circumstances in which borrowers find themselves will dictate how much help with finance matters they need in 2008, one personal finance institution has claimed. - Creating savings 'requires discipline'
Saving money is a discipline which people must develop the habit of following if they are to improve their personal finance situation.
07/12/2007
- Renovators 'should remember insurance'
Householders keen to increase the value of their property through renovation should bear in mind the effect such changes will have on their building insurance. - Pensions bill 'trying to please everyone'
The pensions bill has failed to serve any members of society as a result of trying to please too many groups, it has been claimed. - Remortgaging 'is not impossible'
Homeowners looking to remortgage next year have been advised that the prospects are not as bleak as some forecasts indicate. - Remortgaging 'increasing in popularity'
Remortgaging is becoming more popular with Britons over the past few years, with consumers urged to consider both remortgaging or transferring with their existing lender before their existing deal expires. - Consumers 'should consider suitability of extended warranty'
Consumers are being urged to consider carefully whether they require an extended warranty when purchasing electrical goods over the Christmas period. ...more - Well-placed FTBs 'can make the most of slowdown'
Those first-time buyers (FTBs) "who are well placed to buy" are the only ones that are likely to benefit immediately from house price falls, a property specialist predicts. - First-time buyers' not benefiting from slowdown yet'
First-time buyers are being advised not to get excited about predictions of property market falls, as it is still too early. - Spain 'attractive to lifestyle buyers'
Spain is continuing to attract British homebuyers in large numbers and is also expected to do so in 2008, Property Frontiers predicts. - Eco-improvements 'can boost home values'
Taking measures to improve the environmental friendliness of homes can help considerably when it comes to selling it, an expert claims.
06/12/2007
- Debtors 'could benefit from rate cut'
People currently experiencing trouble with debt are likely to welcome the latest interest rate cut from the Bank of England, it has been claimed. - Crime rates 'will affect insurance premiums'
Living in an area where there are high levels of crime is likely to impact on your home insurance premium, it has been claimed. - MPC chooses base rate cut
The Bank of England's monetary policy committee (MPC) has elected to cut interest rates for the first time since July 2005, it has emerged. ...more - Christmas saving 'can reignite the habit'
Electing to take part in a Christmas savings scheme might be the best way to get back into the savings habit, it has been claimed.
...more - Tax efficiency 'sets Isas apart'
Tax efficiency is the major selling point of individual savings accounts (Isas) among UK consumers, it has been claimed. ...more - Pensions sharing rules 'need revisiting'
Pension sharing rules need to be revised in the interest of women who are not receiving adequate financial protection for later life when they divorce their husbands, according to one expert. ...more - Good searching 'can unearth bargains online'
Using price comparison websites can help British consumers find bargains and in many cases avoid further trouble with debt, it has been claimed. ...more
05/12/2007
- Burglary 'can be avoided using simple steps'
A home insurance company has claimed that by employing a few simple methods, property owners can avoid being targeted by burglars this Christmas. - Brits 'use loans to fund lifestyle'
An increasing number of Britons are using loans as a means of supporting their chosen lifestyle, it has been claimed. - New IVA standards 'will ensure effective help with money'
Consumers experiencing trouble with debt throughout the UK are to be aided by a new set of standards implemented by one personal finance organisation. - Cheque usage 'set to continue'
While many innovations have taken place in the UK payments industry, a place remains for cheques, it has been claimed. - Life insurance 'must be reviewed regularly'
It is vital that UK consumers review their life insurance cover regularly in order to make sure it reflects their needs, one personal finance company has stated. - Interest rates 'should fall next year'
Interest rates are likely to fall in 2008 in line with an economic slowdown, it has been claimed.
- Repossessions 'to rise in 2008'
Next year is likely to see a in a rise in repossessions as a result of higher interest rates, it has been suggested. - Christmas 'might prompt increased security'
With Christmas just around the corner and many households filling up with festive fare, now may be a good time to invest in some new security for a property. - Interest rates 'will not change in December'
Market analysts throughout the UK do not believe that interest rates will be changed tomorrow, it has emerged. - Credit cards 'can offer protection for expensive online purchases'
Electing to use a credit card when buying expensive goods online can provide help with finance through increased protection, it has been claimed.
04/12/2007
- Consumers 'misinformed about mortgage-insurance link'
Many people are ill-informed about their rights concerning buildings cover, it has been claimed. - British gas price hike 'does not bode well'
Consumers using the market tracker energy plan offered by British Gas will see charges rise from today, it has been reported. - Credit card providers offer Christmas wares
Consumers looking for a credit card to provide help with finance during this Christmas holiday might like to consider the latest offer from Nationwide. - Women 'more generous providers for children'
Women are more likely to provide help with money to their offspring than their male counterparts, it has been suggested. - ABI: UK flood cover 'is nearly unique'
The Association of British Insurers (ABI) has congratulated its members on their response to the flooding experienced by much of the UK this year. - Kids 'have Aladdin's cave of toys'
While being sent to one's room was a punishment dreaded by many an ill-behaved scamp, the sanction holds no fear of boredom for today's children, one personal finance provider suggests.
03/12/2007
- Gold 'remains a safe haven for investors'
Gold remains one of the classic safe-haven investments used by those seeking help with money on financial markets, it has been claimed. - Men and women 'should save equally'
There are no differences between the savings that men and women should be making to avoid needing help with finance in the future, it has been claimed. - Students 'unlikely to be affected by credit crunch'
The personal finance situation of the average student has not been significantly affected by the credit crunch, it has been claimed. - Southern Italy 'has much to offer the investor'
Property buyers looking to make a profit on the European market might stop short at Rome, Florence or Tuscany when considering what Italy has to offer in terms of help with money. - Hiding places 'may not be insured'
With much of the Christmas shopping under their belts, many UK shoppers have pursued the next in a list of festive traditions by finding places to hide their gifts. ...more - Long-term fixed-rate mortgages 'remain attractive'
Homebuyers in the UK could continue to embrace long-term fixed-rate mortgage deals as a means of buying their properties, it has been suggested. ...more - Annuity rates 'affected by ageing population'
The increased life expectancy of the average UK retiree is having a significant impact on annuity rates for pensions, it has been claimed. ...more
Money News: November 2007
