Finance Matters

• 24Sep

  First house prices rise in two years: Rics

  Mortgages No Comments

  From This is Money:

  The closely watched property market study showed 11% more chartered surveyor estate agents reporting rising than falling house prices in August ? the highest number since May 2007.
  Rics pointed to house prices beginning to rise again earlier this year when it said a lead indicator the sales to stock ratio, which measures sales against available property was edging up.
  The Government’s Department of Communities and Local Government report which lags others reported today that house prices rose by 1.4% in July.
  The reports follows figures from the Council of Mortgage Lenders yesterday showing the first year-on-year increase in homebuyer mortgage approvals since early 2007.
  Rics said that the South of England was leading the revival in the property market with 43% more members in London reporting price rises than falls and a reading of 39% across the South East.
  A shortage of supply of new properties coming on to the market combined with demand from cash-rich buyers has been cre…

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• 24Sep

  Is this finder’s fee fair?

  Mortgages No Comments

  From This is Money:

  It transpires that a couple have put down the deposit with a view to moving in. Do we still have to pay the outstanding rent for the remaining two months? Also, is it not right that only the landlord pays a finder’s fee to the agent? L.V., Hastings East Sussex
  It is standard that you would need to pay the rent in full to the end of your term if an alternative tenant cannot be found. However, if a tenant is found who can move in and pick up the rental payments as soon as you leave then there should not be an issue. Regarding the finder’s fee, this is not a standard condition so you do need to check the original agreement you signed when moving in and if it is included then I’m afraid you will have a legal obligation to pay it. If, however, it is not included in your original contract then I would certainly challenge the right of the estate agent to make you pay that fee….

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• 24Sep

  Crime lecture students can’t ignore

  Insurance No Comments

  From This is Money:

  Half of students take valuables worth between £2,000 and £5,500 – everything from laptop computers to musical instruments and games consoles – when they go to university, according to specialist student insurer Endsleigh.
  But one in five then falls victim to theft, even though more than two thirds of students think it unlikely they will ever be burgled or suffer loss or damage to their possessions while at university.
  Government statistics show that young people between 16 and 24 are three times more likely to be victims of burglary than other age groups, with students the number one target.
  Halls of residences often provide basic contents insurance for items in a student’s room if it is locked – the cost is typically built in to the hall fees.
  But cover is often limited, so if a student has some valuable possessions or wants to use belongings, such as a laptop, camera or music player, away from halls, additional cover may be necessary.
  Insurers will usually cove…

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• 24Sep

  Protect yourself against the burglary boom

  Insurance No Comments

  From This is Money:

  Someone had removed a window in the kitchen. A wallet, handbag, cash and other valuables worth more than £1,000 were stolen, along with the keys to the couple’s three-bedroom semi.
  The Singers are among a growing number of people who have become victims of a rise in burglary during the recession. There were 240,000 burglaries recorded in England and Wales in the year to last March. This is a 1% rise on 2007 – the first increase for six years.
  Insurers, meanwhile, paid out more than £100m to settle theft claims in the first three months of this year, the most expensive quarter for claims in the past five years.
  The Singers have lived in their home in Leeds for more than 30 years, but the break-in was the first time they had suffered from crime.
  Michael says: ‘There was obviously someone on a mission because the same night there was an attempted break-in across the road and a car broken into nearby.’
  He and Bernice, 64, who is in poor health, were shaken by the bre…

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• 24Sep

  ‘Shoes not booze’ sell online, though overall spending is down

  Business No Comments

  From The BBC:

  UK online spending fell by 10% in August compared with July with alcohol sales down but footwear purchases up, according to a survey.Total online sales dropped to £3.8bn, although this was still 16% higher than August 2008, according to retail research group IMRG Capgemini. Sales of shoes rose by 3% as parents bought back-to-school footwear for their children. However, online spending on beer, wine and lingerie has dropped in 2009. SalesNearly all sectors showed a dip in online spending in August compared with the previous month. Alcohol sales have fallen year-on-year in five of the past six months, and annual growth of lingerie sales was negative in each of the past six months. IMRG said that this was evidence of consumers cutting back on luxuries during the recession. There was a slight rise in month-on-month spending on gifts, electrical items and shoes, the report found. Tina Spooner, of IMRG, said that the August dip was a seasonal trend which had also been seen in recent ye…

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• 24Sep

  Banking fees ‘incomprehensible’

  Money No Comments

  From The BBC:

  Information given to some banks’ customers was “incomprehensible” and fees were “opaque”, a scathing report on banks has suggested.An EU-wide price comparison website should be set up for current accounts, the European Commission report said. Only 9% of EU consumers switched accounts in 2007 and 2008, compared with 25% of car insurance customers. The report mirrors a UK review which said that current accounts were not working. “Retail bankers are letting consumers down,” said EU consumer commissioner Meglena Kuneva. “There is widespread evidence that basic consumer principles are being violated with problems from complex pricing to hidden charges and information that is unclear and incomplete. “Banks need to put their house in order with a culture change in the way they treat customers.” FindingsThe Commission studied the pricing of accounts offered by 224 banks across the EU. Its findings included: Experts needed more explanation from banks about their fees in 66% of cases. One in 10…

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• 24Sep

  House sales ‘stalled in August’

  Money No Comments

  From The BBC:

  UK house sales fell in August from July, the first drop this year, according to HM Revenue & Customs.Figures from HMRC show that 83,000 homes were sold last month, down from 87,000 in July. House sales had been rising steadily this year, with the property market reviving from the sudden slump triggered by the credit crunch in 2007. However, sales in August were still double the number sold in January, and 19% higher than in August last year. The figures chime with those from the Council of Mortgage Lenders (CML) , which last week reported that total mortgage lending, both for house buyers and people re-mortgaging, dropped by 13% in August from July. The CML attributed this to the effect of the summer holidays but said lending would probably be subdued in the next few months. Some commentators have predicted that the revival of sales and house prices this year would soon run out of steam. Parental cashThere has been some evidence that much of the new house buying, particularly by fi…

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• 24Sep

  ‘Shoes not booze’ selling online

  Money No Comments

  From The BBC:

  UK online spending fell by 10% in August compared with July with alcohol sales down but footwear purchases up, according to a survey.Total online sales dropped to £3.8bn, although this was still 16% higher than August 2008, according to retail research group IMRG Capgemini. Sales of shoes rose by 3% as parents bought back-to-school footwear for their children. However, online spending on beer, wine and lingerie has dropped in 2009. SalesNearly all sectors showed a dip in online spending in August compared with the previous month. Alcohol sales have fallen year-on-year in five of the past six months, and annual growth of lingerie sales was negative in each of the past six months. IMRG said that this was evidence of consumers cutting back on luxuries during the recession. There was a slight rise in month-on-month spending on gifts, electrical items and shoes, the report found. Tina Spooner, of IMRG, said that the August dip was a seasonal trend which had also been seen in recent ye…

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• 24Sep

  Car repairs ‘get more expensive’

  Money No Comments

  From The BBC:

  UK garages have increased the average price they charge to repair vehicles in the past year, despite the economic downturn, a survey has suggested.The average price per hour of a mechanic’s time rose from £75.17 to £75.85, said insurer Warranty Direct. There was an almost 5% fall in labour rates charged by franchised dealers, however cheaper independent workshops raised prices by 0.8%. Average rates varied from £94.44 an hour in London, to £61.65 in Cornwall. The overall UK average franchised garage charged £90.16 an hour, while the typical price for an independent firm was £56.10. The survey of 5,000 premises uncovered rates peaking at £190.35, however this was considerably below the high of £198.86 seen a year ago. Motorists should shop around to “avoid being stung badly”, said Duncan McClure of Warranty Direct. He added that the prices charged by franchised dealers had become “unsustainable” and so had begun to fall. “The way some work…

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• 24Sep

  Pensions ‘quality mark’ unveiled

  Money No Comments

  From The BBC:

  A scheme aimed at rebuilding confidence in workplace pensions and making them understandable and attractive to employees is being unveiled.The Pension Quality Mark will be awarded to employers meeting a list of criteria, including having a minimum 6% employer contribution rate. Marks & Spencer and Standard Life will be among the first recipients later. The scheme is being run by the National Association of Pension Funds (NAPF), which represents 1,200 UK funds. The scheme comes amid a tough climate for pensions with a number of companies having closed final-salary schemes in recent times. SignalEmployers have closed most final-salary schemes to new joiners and replaced them with money purchase or defined contribution versions. In these, the eventual pension depends directly on the amount of cash built up through investment, with no direct relationship to the number of years for which members have been contributing or their final salary at retirement. The Pension Quality Mark is desi…

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