Fraud, renting, property and energy

UK banks should do more to protect customers tricked into transferring money to fraudsters, according to a consumer body that has lodged a ‘supercomplaint‘ with financial regulators. The move by Which? means banks could now face a formal investigation into whether they can continue refusing to reimburse victims. The Guardian reports that the organisation submitted its first supercomplaint this year in the same week that official data revealed that fraud in the UK payments industry had soared by 53 per cent as criminals develop increasingly sophisticated tactics to steal bank customers’ cash. Renting New research released today has revealed that in the last year alone over a million – or one in eight – private renters across England have suffered at the hands of a landlord who has broken the law. The survey of more than 3,250 renters by Shelter and YouGov uncovered a range of problems with law-breaking landlords committing offences ranging from unlawful behaviour to serious criminal offences. While reports of landlords entering homes without permission and deposits not being properly protected were among the most common issues, many cases of more shocking behaviour from rogue landlords were also uncovered in the survey. Energy An £11 billion scheme to install smart energy meters in every home is flawed and a waste of money, according to an influential group of business leaders. The Times reports that the Institute of Directors will call on Theresa May today to open an ‘urgent review’ into the programme, which it said offered dubious benefits to consumers despite costing up to £410 per household through bills. The Government says that the meters will save consumers £26 per year, meaning that it could take 15 years before they benefited from the move. First-time buyers First-time buyers in parts of south-east England are having to wait seven years longer to get on to the housing ladder than those in some other areas of the UK, according to figures from the Halifax. Across the UK, the average age of a first-time buyer is now 30, but Halifax said this masked a big gap between the ages at which people were able to buy in different parts of the country. In Carlisle and Torfaen in south Wales, the average first-time buyer age is 27, but this rises to 34 in several boroughs in and around London. In other housing news, MailOnline reports that two out of five renters in Britain never expect to be able to afford their own home.

It equates to 8.5 million renters assuming they will never step onto the property ladder because they cannot afford a deposit or the mortgage repayments.

The Post Office survey found that renters believe it will take them eight years on average to save enough money for a deposit, with 33 per cent – the equivalent of seven million – expecting to save for more than a decade.

And, in a report out today, Aviva says that younger people are more willing to buy a home prone to safety, flood or crime risks in order to get on the housing ladder, as the ‘ideal’ home is replaced with what people can afford.

According to the findings, a third of would-be homebuyers aged 34 and under say they would buy a home in a high crime area. Across all age groups, only 19 per cent would do the same, falling to just 7 per cent of those aged 55 and above.

Despite widespread coverage of damage caused by flooding in recent years, almost half of 18 to 24 year-olds and 36 per cent of 25 to 34-year-olds would consider living in a flood-risk area, compared to 23 per cent across all age groups, and only 8 per cent of those aged 55 and above.

Meanwhile, the latest Hometrack UK Cities Index reveals house price growth has fallen to 8.2 per cent as the slowdown seen in cities across the south of England in recent months intensified in August.

The 20 city Index recorded its lowest level of quarterly growth for six months as a seasonal lull in market activity combined with weaker demand post Brexit and the April stamp duty change reduced the rate of house price growth.

Household finances

Key government attempts to improve household finances such as increasing the income tax threshold and raising wages are being undermined by companies who let down consumers and rip people off, according to a major new report.

Citizens Advice today lifts the lid on the cost of consumer detriment in the UK – showing that people are losing on average almost the equivalent of a week’s pay for an average worker on shoddy services, faulty products and delayed deliveries.