Houseowners in England are reaping the biggest rewards, the figures suggest. Prices rose by 8.6 per cent in England in the year to the end of January, the ONS said, while property prices went up by 0.1 per cent in Scotland and 0.8 per cent in Northern Ireland, and fell by 0.3 per cent in Wales, over the same period.
As for savers, data from Moneyfacts.co.uk reveals that rate reductions in the savings market have now outweighed rate rises for five consecutive months. In February, Moneyfacts recorded just 12 savings rate rises. But rate reductions over the same period completely outshone this figure, with the number of rate decreases over the month standing at 235. On the bright side, savings won’t be greatly affected by inflation. Statistics released yesterday show that the Consumer Prices Index stuck at 0.3 per cent during February, which means they have little to worry about in terms of savings erosion.
The rise in fad, and often pricey, subscriptions such as beauty boxes, monthly grocery deliveries and cinema memberships has caused the money spent on so-called ‘idle’ subscriptions in the UK to increase to a staggering £410 million a month in 2016, compared to £338 million in 2015, according to new research by TopCashback.co.uk. While the number of Brits who have subscriptions they no longer use or feel they get value from has not changed, there has been a shift in the most commonly forgotten subscriptions. Gym memberships, credit reports and a new wave of convenient services including weekly or monthly grocery boxes is pushing the cost of unused subscriptions up by £72 million each month.
Analysis of the driving behaviour of more than 4,300 motorists has revealed the direct impact mobile phone use at the wheel has on the risk of an accident – whether hand held or hands free. Wunelli, a LexisNexis Risk Solutions company, in conjunction with insurance broker Drivology found that drivers who use a hand held phone at the wheel almost double their risk of an accident while those on hands free increase their risk by a fifth.
Paul Stacy, founding director for Wunelli, said: ‘This data comes from telematics smartphone devices. The benefits to safer driving are significant so it would be a positive step if the government encouraged more telematics policies by making them exempt from Insurance Premium Tax rather than further increasing the cost of insurance, through the 0.5 per cent hike announced in the March Budget, bringing IPT to 10 per cent. We think the societal benefits would far out weight the loss in tax revenues.’
With the Easter bank holiday weekend just around the corner, Gocompare.com Home Insurance is urging DIY fans to check their home contents and buildings insurance before starting a Spring project, to ensure their plans are covered. According to new research by the company, 14 per cent of homeowners are planning a significant home improvement. Home insurance policies typically exclude cover for structural alterations, renovations, poor workmanship and faulty materials. So, tackling major projects that you’re not qualified to do – such as electrical or plumbing work – could invalidate your insurance.
Meanwhile, research by The Saga Equity Release Advice Service has found that roofs and heating are among the most common things that need repairing. The firm says that around 66,000 of the over 50s will take out a loan to fix central heating and 120,000 people in their 50s may use pension freedoms, namely their tax-free lump sum, to pay for home repairs.
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