Home ownership among 25-year-olds has halved in two decades, according a survey conducted for the Local Government Association (LGA) by estate agents Savills.
Just one in five of those under 25 own their own property, compared with 46 per cent two decades ago.
The BBC reports that the LGA wants the Government to recognise a ‘renaissance’ in house building by councils is needed. ‘The LGA said government needed to tackle the shortage of affordable homes to rent and buy. It says it found that, on average, private renters pay 34 per cent of their household income on rent, while social and affordable renters pay 29 per cent.’ Energy Thisismoney reports that ‘Britain’s energy providers owe £97 million to former customers who had credit on their accounts before closing them and switching providers’.This is according to the energy watchdog. Two years ago, Ofgem said that energy providers must return credit to former customers after it found they held millions of pounds in closed account credit balances. So far, around £670 million or three quarters of the money owed to ex-customers has been paid out.
Spending
Data released by Barclaycard today as part of its latest Contactless Spending Index shows that ‘touch and go’ payments have rocketed in the last 12 months, with year-on-year spending up 166 per cent.
The news comes as industry body, the UK Cards Association, reveals that the number of contactless credit and debits cards in the UK now tops 100 million. Demonstrating the increasing popularity of contactless – which jumped 164 per cent in 2015 – separate research from Barclaycard also reveals that one in two of Brits now make contactless payments at least once a month – with a fifth planning to increase their usage even further next year.
Broadband The BBC reports that the Government is funneling £440 million into broadband so about 600,000 more premises can gain access to superfast connections. The cash comes from ‘efficiency savings’ and money returned by BT as part of the Government’s flagship broadband rollout scheme. Insurance The Daily Mail reports that ‘homeowners whose properties suffer a break-in over the festive season could miss out on insurance payouts if they forget to set their burglar alarm’.While many policies do not clients to have an alarm, policy small print says that, in many cases, people with devices must turn them on.
Small businesses
A new report from Begbies Traynor says that small shops are beginning to experience the fallout of Brexit, The Times reports.
The restructuring group said that inflation and slowing sales growth has resulted in ‘significant stress’ for the finances of retailers, despite high street sales holding up surprisingly well after the referendum in June. Rents The Office for National Statistics says that the cost of renting a home from a private landlord in Britain rose by 2.3 per cent in a year. The rate of increase was unchanged from the previous month and ahead of the general rise in the cost of living. Finally… Christmas Day is a time for family, board games and bad cracker jokes around the dinner table – and also a time for getting a good deal on electricals, according to new research. The study from TopCashback.co.uk finds that 16 per cent of people will be online shopping on Christmas Day for an average of three hours. But nearly half will be doing so in secret, away from family and friends. Meanwhile, as the nation enjoys turkey leftovers and festive fatigue starts to set in, new research from VoucherCodes.co.uk and the Centre for Retail Research reveals that Brits will be sales shopping in their millions this Boxing Day. The traditional sales shopping day remains a significant one for retailers across the UK, as 19 million Brits are set to spend a huge £3.85 billion this Boxing Day – a three per cent rise on 2015. This is a huge 96 per cent more than the amount spent on Black Friday this year, when a predicted £1.96 billion was splurged by shoppers hunting for deals.
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