UK retail sales volumes fell in August, at the fastest pace for over a year, the Confederation of British Industry (CBI) reports. In a new quarterly survey, 46% of retailers said they had experienced falling sales in the two weeks to mid-August (compared with a year earlier) and the level of negativity registered over prospects [...]
A snapshot survey of retailers hit by the riots two weeks ago found that across 899 stores retailers lost over 7,500 hours of trading and reported more than 11,000 members of staff affected by the violence. However, the British Retail Consortium (BRC) expects the damage to the sector as a whole to be “considerably higher” [...]
UK manufacturers are reporting healthy order books and expectations for output growth remain above their long-run average, despite being less strong than earlier this year. New research from the Confederation of British Industry (CBI) also indicates that pricing pressures have eased following strong inflation during the first six months of 2011. Expectations for growth in [...]
Confidence among British businesses has declined as both UK and global economic turmoil impact on firms’ plans for the future. The latest ICAEW/Grant Thornton UK Business Confidence Monitor shows confidence at its lowest level since the third quarter of 2009, when the UK was still in recession, with firms seeing turnover and profit growth weakening [...]
The vacancy rate for shops across Britain’s High Streets and shopping centres stands at over 11%, according to new research from the British Retail Consortium (BRC). Northern Ireland (17.1%), Wales (13.4%) and the North and Yorkshire (13.1%) recorded the highest vacancy rates, as overall footfall between May and July 2011 fell 1% compared with a [...]
Almost 40% of UK households saw their finances deteriorate in August, according to the latest Markit Household Finance Index, with the rate of deterioration faster than at the height of the recession. Worsening finances were evident across all income groups, age ranges and regions, as the survey registered the fastest fall in cash available to [...]
According to research from property website Zoopla, around 80% of properties acquired since 2006 are now worth less than their purchase price. However, 89% of homes bought since the housing market peaked in 2007 are also worth less than homeowners paid for them with the problem particularly bad in the North East. In the North [...]
A new report has revealed the British High Street is suffering after shop vacancies rose to a record high in 2010. According to the Local Data Company, the number of vacant shops in Britain increased to 14.5% at the end of last year, up from 12% at the end of 2009 and compares with 5% [...]
The severe wintry weather that gripped most parts of the country last month meant a surge in internet sales. While the High Street suffered as consumers opted to stay at home, internet sales surged 25% in December (compared with December 2009) to £6.8 billion, with the sale of clothing, footwear and alcohol particularly strong. The [...]
Research from the Halifax has revealed first-time buyers are still struggling to get onto the property ladder unless they have a hefty deposit. The mortgage lender said a first-time buyer has to find at least £29,000 in order to secure a mortgage, while those in London require almost double that (£50,000). Since the credit crunch [...]
Over four million working Britons are living in fear of being made redundant, according to the latest personal debt tracker survey by R3, the trade body for insolvency and turnaround professionals. The figure has risen 50% over the last three months, with those aged between 25 and 34 the most worried about their employment prospects. [...]
Research has revealed that the average FTSE 100 executive is earning 88 times that of the average full-time UK worker. The revelation comes despite the recession where companies have been forced to make major cutbacks. According to Incomes Data Services (IDS), in the year to June 2010, executives in FTSE 100 companies took home an [...]
Ilford in Essex is the leading property sales hotspot in England and Wales, with an 85% rise in the number of homes sold in the first half of 2010, compared with the same period of 2009. Research from Halifax has identified Croydon and Maidenhead as the runners up, with sales rising 73% and 71% respectively. [...]
Tens of thousands of homeowners who bought during the housing boom face another four years of being trapped in negative equity. According to a new forecast from the National Housing Federation (NHF), those who purchased a property in England at the peak of the market in 2007 paid an average price of £216,800. They may [...]
Research by estate agent Knight Frank has found the number of second homeowners in England has soared to a record level of almost a quarter of a million. According to the estate agent, a change in holiday plans mean an increasing amount of buyers believe that a second home is “an investment, rather than a [...]
According to research by watchdog Consumer Focus, the number of people taking out a payday loan has quadrupled in the last 4 years. The consumer group said 1.2 million people are now taking out a payday loan every year – borrowing more than £1 billion. Payday loans are becoming more popular and are seen as [...]
The total value of privately-owned homes in the UK has more than doubled over the past decade, new research from Halifax shows. The country saw a 118% surge, from £1,719 billion in 1999 to an estimated £3,755 billion in 2009, although the Retail Prices Index measure of inflation rose by only 29% during the same [...]
Despite a rise in the number of mortgage deals on offer, a large deposit remains essential in securing a competitive loan, both for house purchasers and remortgagers. According to research by Moneyfacts Group for the BBC, the number of mortgage products available has risen 66% so far this year, to 2,351. However, the financial researcher [...]
Banks are keeping their customers in the dark about interest rate changes on their accounts, new research has found. The study by Which? Money found most banks rely on newspaper adverts or customers popping into their local branch to keep savers informed of rate cuts Only four of the twelve banks investigated guaranteed to keep [...]
Some neighbourhoods close to the Olympic Park development have seen sharp rises in house prices since 2005, when the Capital was awarded the Games. According to research from Lloyds TSB, Homerton and Shoreditch have recorded average property price rises of 69% and 53% respectively, well above the Greater London average of 36%. However, only four [...]
M&S Money launches 3% cash ISA
M&S Money has launched an Advantage Cash ISA paying 3 per cent, and which allows transfers in from other ISAs. It can be opened with a minimum deposit of £100 lump sum followed by minimum monthly deposits of £25. The 3% rate is variable, but there is no short-term bonus so the return won’t plummet [...]
Google suspends UK Compare Mortgages site
Google has closed its UK mortgage comparison site which it launched in July last year, after it proved to be less popular than expected. Mortgage comparison sites are designed to allow visitors to compare mortgages quickly and easily without having to visit each lender’s individual site. Google was competing with several well-established comparison sites, including [...]
AA launches ‘black-box’ policy for young drivers
The AA is launching an innovative car insurance policy called Drivesafe which could help younger drivers save up to £850 a year. Younger drivers already pay substantially higher premiums than other motorists and these costs are increasing. A new study by Confused.com suggests insurance costs for younger driver have gone up by 5.7 per cent [...]
ATOL scheme updated to protect online bookers
ATOL, a financial protection scheme managed by the Civil Aviation Authority, is being extended to protect up to six million more holidays a year. The scheme ensures that holiday makers do not lose out financially if a travel company collapses, and that they are not stranded abroad. An increase in the number of holidays booked [...]
Home repossessions lowest for four years
The number of UK homes repossessed fell to 36,200 in 2011, significantly below the Council of Mortgage Lenders’ forecast of 40,000, and lower than 2010 when 37,100 homes were repossessed. With interest rates remaining low and lenders adopting a sympathetic attitude to customers in financial difficulty, repossessions fell to their lowest level since 2007. However, [...]
Monthly pay lasting just 17 days
Workers are running out of money just 17 days after receiving their monthly pay, according to new research by the Halifax bank. This means that the average UK worker spends half the month worrying about money. The study, based on the responses of more than 2,000 adults, found that 10 per cent of workers start [...]
Women disadvantaged by auto-enrolment changes
Government proposals to increase the auto-enrolment threshold to £10,000 could put 1.8 million women at risk of missing out on a pension, the TUC has warned. Under the auto-enrolment scheme, which will be phased in from October, private sector employers will automatically enrol workers between the age of 22 years and the state pension age, [...]
Emergency household repairs company Homeserve is taking longer than expected to get back on track after its operations were suspended last October. The company expected customer numbers to fall by 5% this year but it has increased this estimate to 8% and announced the loss of 200 jobs. It estimates that renewal revenue in 2013 [...]
Sale rumoured for Yorkshire and Clydesdale banks
There is growing speculation that National Australia Bank (NAB) may sell Yorkshire Bank and Clydesdale Bank after the Australian parent company announced a strategic review of the two banks’ operations. The Australian economy is performing well and NAB reported strong profits for the final quarter of 2011 but with the UK economy at a virtual [...]
More women experiencing debt difficulties
Women in Debt, which offers female-focused debt advice, has warned that the number of UK women facing serious debt has grown significantly over recent years. The organisation believes that more women will need advice on solving debt problems in the future because they are building up an unsustainable level of indebtedness. Women in Debt’s director, [...]
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