Over a lifetime, a tenant will pay nearly £200,000 more for their accommodation than a homeowner, Barclays suggests in a new study. Over a fifty-year period it costs an average of £429,000 to purchase a property through a mortgage and to maintain it, the study says, while renting a home for fifty years would cost [...]
Although house sales have plummeted in the past five years, most people still hope to own their own home in the future. Eight out of 10 people surveyed by the Council of Mortgage Lenders (CML) said they hoped to own their own home by 2022, while three quarters said they hoped to achieve this ambition [...]
The old saying ‘An Englishman’s home is his castle’, may still hold true but difficult economic conditions are causing young couples to make some tough choices according to research by Churchill Home Insurance. The nationwide survey found that 28 per cent of young couples in the UK are having to postpone buying a house in [...]
According to a new report by the National Housing Federation (NHF), the UK housing market is in “crisis” as private rents continue to surge and owner-occupier rates fall. The study suggests that home ownership will decline to around 64% by 2021 – the lowest level since the mid-1980s – as an entire generation is unable [...]
A survey by the Halifax has revealed many first-time buyers fear they will not be able to get on the property ladder. The survey of 4,000 non-homeowners found two-thirds believe home ownership is unattainable. Stricter lending criteria, which has resulted in lenders demanding large deposits, is deterring many would-be homebuyers, according to the survey. Almost [...]
Less than half of those contributing to the Building Societies Association’s (BSA) June Property Tracker survey think that now is a good time to buy a home. The confidence level slipped to 45%, down from 49% in March, possibly reflecting concerns about the state of the economy and the various austerity warnings issued by the [...]
New research from the Chartered Institute of Housing (CIH) shows how the recession and credit crisis are affecting the British obsession with property ownership. According to the CIH, which represents public and private sector bodies involved in housing and communities, young people who have seen once out-of-reach house prices tumble, are particularly disillusioned. In a [...]
Friends Provident is urging homeowners to review their plans for financing retirement, if they have been banking on raising cash from property to provide a nest egg at the end of their working lives. The firm’s head of pensions, Jeremy Ward, warns that if house prices continue to fall, people could find themselves in serious [...]
Gender directive could slash men’s annuity payouts
The EU Gender Directive, which came into force today, could see men losing up to £10,000 from their annuity payouts, according to research by PricewaterhouseCoopers. Under the new rules insurers are no longer allowed to take gender into account when setting annuity rates and premiums on insurance products. Men previously enjoyed higher annuity rates than [...]
Home rental costs down in November
The cost of renting a house in England and Wales fell by 0.4 per cent in November, its first dip since March, according to a survey by LSL Property Services. Average rent was £741m during the month, returning to the level seen in September. However, it was 3.4 per higher than in November last year. [...]
Lloyds TSB halts sale of packaged accounts in branches
Lloyds TSB will stop selling packaged account in its branches from 1 January 2013, until its sales procedures are brought into line with those operated by sister bank The Halifax. Lloyds TSB is one of the main providers of packaged accounts in Britain, with around one in three of its customers choosing to pay fees [...]
Housing market recovery to continue next year
Recent improvements in the housing market should continue into next year, according to the Council of Mortgage Lenders (CML) Gross lending is estimated to have increased to £12.9 billion in November, helped by the Funding for Lending scheme which provides banks and building societies with lower-cost funding, which they are then supposed to pass on [...]
Newcastle Building Society exits interest-only mortgages
Newcastle Building Society has stopped offering interest-only mortgages to new borrowers, following the lead of the Royal Bank of Scotland, Nationwide, Co-operative bank and Coventry Building Society. The decision will not affect existing Newcastle customers and applications for interest-only mortgages received before 14 December will still be processed. Prior to the credit crunch, interest-only mortgages [...]
Less than half of Brits considered creditworthy
Fifty-seven per cent of UK adults are at risk of having an application for credit turned down by a mainstream lender according to a new report. The ‘Mind the Credit Gap‘ report commissioned by aqua credit cards suggests that even people with a good credit rating and earning more than £50,000 could have a credit [...]
Monthly incomes £22 lower in 2012
The average monthly income of UK households fell by £22 in real terms compared with last year, according to a survey carried out for the Bank of England (BoE) by NMG Consulting. People on lower incomes have seen their income eroded more than higher earners and households still have high levels of debt the BoE [...]
Savers dig deep to fund Christmas
New research from the Halifax suggests that savers are funding their Christmas spending with money set aside for other purposes. Thirty-seven per cent of 2,138 savers surveyed by the bank at the end of November had withdrawn savings in the last three months. The average amount withdrawn was £1,186, more than double the average savings [...]
Financial data at risk from unsafe passwords
According to a survey by the Payments Council the problem of having to remember a different password for several accounts means that many internet users are compromising the security of their financial data. Internet users have 22 password-protected accounts on average and many use the same log-in details for more than one account, even though [...]
Wonga launches Paylater loans on retailer website
Payday loan company Wonga has launched a new Paylater service on furniture firm Cotswold Company’s website. The service, which allows customers to “buy now, pay later” will be introduced on other retailers’ sites in the near future. Although the Paylater branding is similar to Wonga’s, the Wonga name only appears in the small print. A [...]
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