• 30Apr

    Npower Offering Fixed Tariffs

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    Energy provider npower is now offering fixed fuel tariffs. These give protection to consumers against changes in price, including hikes and drops, for the next two years.

    Currently called npower Price Fix December 2015, the organisation will keep the tariff fixed until that date (December 2015). It is estimated this would cost the average household £1,305 a year.

    Likewise, an Online Price Fix is also on offer, but this has a much shorter term, only covering until May next year (2014), but is said to cost the same average family £1,226.

    Fixed Tariffs

    Of course, this isn’t the only fixed tariff on the market. New legislation is looking to change tariffs in the future, potentially limiting each provider to four, fixed tariffs. The upside to such deals is that, for their duration, they spare you from any inflation or price increases.

    Unfortunately, not all prices can be fixed, as we have seen with petrol, food and utility bills. Dealing with essentials such as rent and bills can be difficult enough, but when an emergency occurs and you need some extra cash, a same day payday loan could tide you over until payday. Providing repayments can be made quickly, these can be a useful option.

    On the downside, fixed tariffs do not grant you any price drops, although many could argue this seems unlikely in the current climate. Many of these also have fixed penalty charges should you drop out early.

    Comparing the Market

    For anyone looking to save money, it helps to know how this tariff currently compares to the larger market, too. British Gas offers a similar Price Promise, which runs until April 2015. The average for this was given as £1,391 for each a year. It’s close, but its £86 more expensive than npower’s longer scheme.

    There are other options that are cheaper, but these don’t cover as long a length of time. EDF Blue +Energy offer a Prime Promise until June 2014 costing an average of £1,181.94.

    Ovo’s New Energy offers a fixed deal at £1,172 although this only covers 12 months fixed security from when you switch. First Utility offers a fixed rate for dual-fuel. The iSave Fixed v7 runs for a fixed rate until September 2014, costing an average of £1,195.

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  • 30Apr

    Budget Unveiled Later Today: Tax-Free Allowances Expected

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    The 2013 budget is to be delivered later today, and UK consumers are impatiently awaiting the changes it will bring,

    Speculation dictates that the Chancellor is expected to ease taxes on lower-class workers, as well as additional support and spending.

    Tax-Free Allowances

    The Chancellor, George Osborne, is expected to show more support for lower-class workers by bringing forward a tax-free allowance of £10,000 by 2014. Likewise, it is expected that fuel duty rises, which are allegedly to be enforced later in September, may be postponed or halted.

    On the downside to this, however, 1 in 6 people are now paying at the 40% higher tax rate. The bracket for this rate of tax is to be cut from £42,475 to £41,451; a move that will bring an estimated 400,000 people into the fold of the more expensive taxes.

    Additional Support

    Likewise, plans offering more childcare support, in the region of £1,200 per child, are also expected for families with two parents both earning up to £150,000. Although it shows more support, like the tax free allowances, there are concerns that it doesn’t help single-parent families in need of childcare.

    New Spending

    Despite cutbacks and savings, new capital spending projects are expected. It was announced to the cabinet previously that the new budget would set aside an additional £2.5bn for such projects throughout the next two years. This was made through various cuts in Whitehall departments of 1%, which gathered the £2.5bn in addition to an extra £1.2bn for the 2015-16 spending period.

    The 2013 budget is to be announced by the Chancellor later today.

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  • 02Apr

    E-Books Now Used To Measure Cost Of Living

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    Recent changes to the inflation basket have seen ebooks included as a measurement for the cost of living.

    The inflation basket, a collection of items used to measure the cost of living by the Office for National Statistics (ONS), provides a way to monitor and record the changes in prices, as well as any impact they might have. This then provides an official glimpse and run-down of the country’s spending habits, purchases and life style.

    Changes

    The recent changes recognise the rising important and prominence of e-books as a consumer good. Other areas that have been added include various food items, such as charcuterie, hot chocolate, white rum and packaged vegetables. These are all additions that are used to reflect modern spending trends.

    Likewise, there have been a number of items that have left the list. Buying champagne in pubs and bars is no longer considered part of the inflation basket. On a similar note, round lettuces are being removed as there is a general move towards iceberg lettuce and pre-packed salads.

    Has the high cost of living forced you to remove items from your personal list? Cash-strapped Brits all over the country have been struggling amid price rises and austerity measures, and emergencies can cause real problems when also trying to juggle the cost of essentials such as rent and bills. If you are in a financial emergency of some sort, payday loans could be one way of arranging for some extra fast cash until you get paid. They’re a short term solution rather than a long term solution in order to help avoid getting into longer term debt.

    Signs

    These all, of course, show recent trends and changes in what people spend their money on. E-books can be seen as a move towards digital software and reading, rather than physical books. These are often read on popular devices such as the Amazon Kindle.

    In fact, data collected from Nielsen and Kantar Worldpanel estimates that these sales may compromise around 14% of the UK’s total book sales last year in terms of quantity. In terms of financial value, this is closer to 7%. This means, in theory, that more e-books are being sold at a cheaper rate compared to paper equivalents, a solid argument for their popularity.

  • 02Apr

    NatWest Computer Errors Deny Access to Accounts

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    NatWest is receiving strong public backlash and disapproval from customers who couldn’t access their accounts due to a technical problem.

    The IT problem, which ran through Wednesday and parts of Thursday a few weeks ago and caused the bank system to crash, left millions unable to access their money. Customers were unable to make withdrawals, payments or even use telephone or online banking.

    NatWest were forced to extend opening hours as a result, in order to allow customers direct access to their accounts.

    Repeat Performance

    This isn’t the first time NatWest has faced such a problem, either. Less than a year ago, back in June 2012, issues with a software upgrade at the Royal Bank of Scotland group, of which NatWest is a part (of alongside Ulster Bank and RBS) left customers unable to access their money.

    This last incident went on for more than a week in some cases, compared with the current issues which seem to have been resolved much faster.

    Emergencies like this can cause knock on effects, which mean that you’re stuck in financial difficulty. In short term situations, a sameday loan may be able to help you deal with it until you get paid, although it’s important to only use them as a short term solution.

    The most recent developments at NatWest have resulted in a number of unhappy customers. Last time this occurred in June, various other banks saw increases in applications following the issue.

    For instance, in the week following the June 2012 incident, the Co-op reported that new account applications rose by 25%. Charity Bank witnessed an increase of 200% whilst Ecology Bank received 266% more applications.

    Since this has happened a second time, it is likely that history could repeat itself further down the line. It has already emerged, via the likes of twitter, that many customers are not happy with the bank’s service. Furthermore, the incident is not likely to renew consumer faith in the scandal-ridden banking sector.

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  • 18Mar

    House Prices Diversify, February Figures Show

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    Figures and statistics for last month are showing a strong divide in the housing market.

    Specifically, there is a strong diversity in the house prices found in the south east, including London, and the rest of England and Wales. Overall, prices have grown by 0.1%, the first time since May 2012. Yet the diversity in prices means that some areas are becoming cheaper whilst others are more expensive.

    These figures come from a monthly national survey by Hometrack, a property analyst. Although monthly, the latest figures help shed additional light on growing news and concerns over the fluctuating property market.

    Price Changes

    Across England and Wales, there were reports of price increases in 14.8% of postcodes. Of these, 74% were in the south east of the country or in London. Speaking of the capital specifically, 48% recorded an increase in values. The increase was, on average, only 0.3% but nonetheless shows growing property prices in the city.

    However, there were regions reporting decreases in house prices. Most of these were notably further north. The north-east of England had an average decrease of 0.2%. This was followed by the north-west, Yorkshire and Humberside, which had an average decrease of 0.1%.

    Selling Figures

    Despite the higher costs, property in London was also some of the quickest to sell. Whilst the overall average time for a UK property was 9.7 weeks, the average London property sold in 5.2. By contrast, the slowest region was the East Midlands, with typical properties taking 13.6 weeks to sell.

    Of course, this doesn’t take into account the selling price. Figures so far suggest that the average property in London sold for 94.9%, compared with the overall figure of 93.4% and 91.9% for Wales. As such, despite rising prices, the demand for London property ensures that the market can still maintain very high value.

    Fluctuations don’t just affect property prices – they also affect everyday living expenses. This is most notable when you have to deal with an emergency, as you can end up having to make difficult decisions under pressure. In these situations, same day loans may be able to help tide you over. As long as you use them properly and repay them on time, you’ll know exactly what you’re dealing with.

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  • 18Mar

    41% of homes sold at a loss since 2007, research suggests

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    New research has indicated that 41% of homes, just over two fifths of the market, have been sold at a loss since 2007.

    According to research conducted by Castle Trust, 41% of homes were sold at an average loss of £24,430. Those that gained, however, netted an average profit of £45,199.

    As with anything in the property market, there has been some strong geographical variation reported. London has generally reported more profits, with 71.10% selling above their original value, whilst regions such as Yorkshire and the East Midlands fare much worse, with figures closer to 50% when it comes to selling under value.

    Despite being varied across the nation, there is some hope overall. A separate study provided by property website Zoopla concluded that just 31% of homes have had a cut in the asking price, down from 37% it was last year. Since this is the lowest it has been in over two years, this demonstrates an arguable improvement in the market, with sellers gaining more confidence.

    Sign of the Economy

    Of course, a lot of this can be taken as a sign of the economy as a whole. Selling at a loss in some areas would almost certainly suggest a buyer’s market. Other areas such as London seem to be in high demand as usual, leading to relative success from a property seller’s position. Part of the success from London also arguably stems from foreign investors; with sterling making for a more stable investment than the Euro.

    Various government incentives and schemes should hopefully help the market pick up a lot more. Specifically, this should help first-time buyers in their bid to purchase a new home.

  • 15Mar

    Study suggests eight million are without savings

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    New research suggests that some eight million Britons are without any financial savings, amongst other figures and findings.

    The research comes from an annual savings and investment report published by Scottish Widows. The figures also came to the conclusion that, not only do eight million have no savings, another 14.9 million don’t make any attempts to save at all.

    This figure amounts to 31% of the UK adult population. Last year, the same report gave this figure as 32%, suggesting either a minor decline or relative stability in the number of adults not saving.

    Loans and Support

    The same study also suggested a rise in parental loans, and found that people were lending money to other family members. 40% of people admitted to this, up from last year’s 30%; a clear sign that borrowing amongst family members has increased. Often, this is just for daily living costs rather than specified loans, although helping to pay off debts and household costs were one of the main reasons given as well.

    Children were also gifted money, typically from parents and grandparents, in addition to other siblings when needed. The average amount given to a child was £14,865 compared to last year’s £13,300.

    Again, one can make the conclusion that this demonstrates a rise in borrowing and support from one another. The lack of savings means that many are relying on other people and means, instead of going to the bank for support.

    The study also revealed that, whilst 32% do put something away, the total value of assets and investments is only around £1,000. This often puts it below the average combined tax bill and mortgage; as such, there are very few assets with which to borrow money with. From a bank’s perspective, mortgages and other money expenses already put the average Briton in a tough position.

    Should you find yourself struggling to keep your finances afloat in an emergency, payday advances are an option that may be able to help in the short term. They’re fast and simple to apply for, and you just repay them within the same month.

  • 15Mar

    First Capital Connect Voted Country’s Worst Train Operator

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    First Capital Connect has been voted the country’s worst train operator after only 4 in 10 people said they were happy with the service.

    The train line, which operates between Bedford and Brighton, was voted worst operator in an annual survey by Which? After asking 7,500 commuters, the consumer rights group found that only 40% were happy with the quality of service offered.

    In a country where trains are costly – Britain has some of the highest train fares per distance in Europe – this poor level of service may strike a chord with various commuters. Given the various expenses involved in travelling, it may be surprising to know how poor service remains a problem on certain train lines.

    The Best and Worst

    Other train line operators near the bottom of the chart included Greater Anglia with 42%, South Eastern with 43% and First Great Western with 43%. It is interesting to note that First Great Western and First Capital Connect are owned by FirstGroup.

    The survey also highlighted that half of the companies scored 50% or less. Whilst this may suggest a varied market, it may also prove disappointing to some to realise the extent of the low quality of train services. Overall, only 22% of those asked considered their respective train service to be improving. In a period where the latest season-ticket prices have gone up by 4.2%, this is not entirely acceptable.

    As for the top four services, the number one service was Virgin, with 67% of people saying they were happy with this service. Behind this is the London Overground with 65%, C2C with 64% and MerseyRail with 64%.

    At the very least, the survey brings up various questions and observations: as ticket prices become increasingly expensive, how are the costs being justified? Given how much an average commuter will invest in regular train usage, is any of the money being used to benefit the quality and experience of the service being directly paid for?

    With constantly increasing prices, and the kind of unpredictability that affects a lot more than just railways, you may be having some difficulty dealing with financial emergencies. As long as you use them sensibly, a same day loan may be able to tide you over.

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  • 15Mar

    Property Sales Rise, Survey Suggests

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    A new survey shows that home prices rose throughout January for the fourth month in a row.

    The study and figures come from the Royal Institution of Chartered Surveyors. RICS stated that 4% more surveyors were reporting house price falls, instead of rises, in January. Compared with the 1% given the month before, this suggests a slight improvement.

    The figures also correspond with previous news, such as Halifax’s house pricing report for January, which stated that prices fell by 0.5% overall.

    RICS also stated that the amount of newly agreed sales had also increased, as have the number of transactions over the last four months.

    Regional Variations

    Despite this overall good news for the property market, there still appears to be a strong regional variation. The biggest price falls, for instance, are said to be found in either Yorkshire or the West Midlands.

    Some areas, such as London and the South East, however, still seem to be facing high costs, leaving potential property buyers facing huge challenges. High prices and deposits are partially being blamed for a standstill in these localised markets.

    First-Time Buyers

    As for first-time buyers, the fall in prices hasn’t been enough to encourage first time buying. A high deposit from lenders is suggested to add yet another challenge for first-time property buyers to overcome. This, in addition to a strong rental business, ties up various financial commitments that make buying property a difficult market to get into.

    The government has various schemes, such as its Funding for Lending, to encourage new-time buying, but this hasn’t been strong enough to support would-be buyers. RICS has also said first-time buying fell in January. This could also be due to the ‘rent-trap’ that has been dominating recent headlines.

    It’s difficult to predict the property market, in the same way it’s difficult to predict your own finances sometimes. Payday loans may be able to help in a situation where you need cash to tide you over until payday. They’re not a long term option, as they can be expensive in the long run, but many find them useful in the short term.

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  • 26Feb

    Weekly shopping would amount to £450 if it had risen as fast as house prices

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    New figures have suggested just how much the average household’s weekly grocery shop would cost, had food prices risen in line with the cost of property.

    The research was conducted by housing charity Shelter, which aimed to highlight the steep rise of property prices. The study compares figures going back as early as 1971, the earliest date for consistent data. The figures, which come from the Office for National Statistics, show that the average weekly shop cost £10.40 while the average home set buyers back £5,632.

    Today’s Costs

    When comparing this to some more recent figures, the extensive rise in house prices becomes clear. In 2011, the average property price stood at £245,319. This represents an increase of almost £240,000 in 40 years, with property now costing 50 times more than it did in 1971.

    Shelter then presented figures to indicate how expensive various food items would be if they had followed suit with property costs. The findings revealed that weekly groceries would be £453, a whole chicken would cost £51.10 and four pints of milk would cost £10.45.

    However, Shelter argued that the average weekly shopping costs have only risen between 4 to 7.5 times, reaching £77.40. Comparing this to the rise in property prices, and the small rise in wages (a median salary for full-time work has been given as £26,200) and a disparity or unbalance in today’s economy becomes quite clear.

    Other Developments

    The study also happens to come at a time when the property market is notably difficult. Recent findings have suggested many cannot even afford a property. This is partially due to rising prices and expensive rent keeping them trapped in their current situations.

    That said, the government has offered joint-buy in schemes which have currently given a small boost to the rise in first-time buying and mortgages, at least according to some of the latest figures.

    While groceries thankfully haven’t risen in that kind of way, it does show how unpredictable working out finances can be. If you’re having to deal with an emergency, same day payday loans could help see you through until you get paid. As long as you repay them on time, you won’t face any further interest than you’re told when you are accepted, so you’ll be in a better position to budget while you have a little more time to deal with.

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