•Bank Maintains Rate At Five Per Cent
The Bank of England's monetary policy committee (MPC) has decided to hold the base rate of interest at an even five per cent.
It is the sixth interest rate decision the MPC has made so far this year and the fourth time it has decided to maintain the base level. The committee last decided to alter interest rates in April when it announced a reduction of 0.25 percentage points from 5.25 per cent. This decision came in response to higher food and fuel prices, on top of a depreciating strength of...
•Borrowers Go Long To Avoid Crunch
Consumers looking to secure mortgage deals are showing a preference for long-term deals, according to online mortgage advisory service mform.
Research from the group has found that more than 45 per cent of all searches made by visitors to the site were for mortgages with loan terms of five years or more. The firm explained that in the days before the credit crunch, the number of people opting for such arrangements was far lower. Instead, most consumers opted for two to three-year deals which...
•Consumer Fears Fuelling Inflation
A new nationwide consumer poll from Lloyds TSB has suggested that concerns about food, fuel and energy costs are driving expectations of high inflation in the year to come.
The consumer barometer identified that average expectations for inflation in the next 12 months were found to approach four per cent, as opposed to the official three per cent set out by the Bank of England's monetary policy committee's (MPC's) quarterly retail price index (RPI) report. Conducted earlier this month, the...
•Consumers Missing Out On Capped Price Energy
More than half of householders were unable to secure a capped price energy tariff prior to the latest round of price hikes, the Motley Fool has indicated.
According to research carried out by the independent financial advice site, 54 per cent of people were unable to protect themselves against hikes enacted by some of the UK's major energy suppliers including EDF and British Gas. It went on to note that despite large numbers of consumers missing out in the scramble to secure cheap energy, 22...
•Consumers Not Being Accepted
Up to 450,000 consumers are applying for mortgages or loans before they get accepted, new research has revealed. A study conducted by GE Money Home Lending revealed that a number of consumers are trying a number of different providers to find the finances they need before they are offered credit.
But repeatedly applying for credit is not only time consuming, it is also detrimental to the borrower, the organisation noted. And knowing where to look to find the right kind of finance could be an...
•Consumers Planning Home Improvements
More than a fifth (21 per cent) of homeowners plan to make significant structural improvements to their home in the coming 12 months, a new study from Sainsbury's Bank has suggested.
The group notes that the slowdown in the housing market may be having a marked effect on people's home improvement plans, with many looking to boost the value of their home rather than risk moving. And it seems people are willing to spend large sums to add equity to their current property, with an average home...
•Housing Figures Show Consumer Confidence Knocked
New figures from the National Association of Estate Agents (NAEA) have shown that although the housing market in the UK is still performing well, buyers are adopting a more cautious approach to property investment.
The group reports that during the course of April, there was a stable performance in terms of the number of sales, viewings and average sales prices. According to the NAEA, the average number of viewings before a house was purchased was said to stand at 14. It asserts that while...
•Misery For Many As Inflation Erodes Incomes
Rising inflation and a lack of credit has forced many Britons into a difficult economic situation, according to Legal & General.
The financial services firm has announced that the number of people who are now living beyond their means has increased significantly in the last six months, with residents in the north found to be particularly hard struck. Research carried out by the group indicated that in this area, the number of people whose outgoings are higher than their monthly income has...
•Modern Cars Confusing Consumers Says Study
New research suggests that fancy additions to today's vehicles are leaving many Britons bewildered.
According to insurance services provider LV=, more than a third (37 per cent) of those interviewed in a recent study admitted that they did not understand the function of elaborate icons displayed on their dashboards. Furthermore, nearly three-quarters (74 per cent) of people said that they would be unable to fix their car in the event of a breakdown. An additional 47 per cent said that they...
•Payday Loans Highlight Debt Problems Expert Claims
The growing trend among UK consumers to look for financial relief each month by applying for payday loans indicates that there are many Britons finding it difficult to make ends meet, according to National Debtline.
It warned that the increased number of payday loan applications - which was highlighted by a recent moneysupermarket study - was symptomatic of an underlying problem where people are finding that their outgoings regularly exceed their incomes. The national telephone helpline...
•Petrol Prices Dropped To Smooth Over Crunch
Three major UK supermarkets have announced cuts to petrol prices in an effort to help consumers struggling with soaring fuel costs, rising inflation and the credit crunch.
Asda said yesterday that it would cut prices at the pump by as much as three pence per litre. It said the move had been made possible by recent falls in global oil prices. As such, the group expressed its commitment to passing on these savings to consumers. So too, diesel prices will also be lowered as part of the move,...
•Report Banks Are Too Slow To Raise Credit Interest Rates
Despite recent price wars in the credit interest rates offered by banks, too many are still offering low incentives for those who keep their accounts in credit, a new report has asserted.
According to MoneyExpert, there has been an improvement in the average credit interest rates offered by high street banks, although it asserts that too great a number are failing to reward their customers for remaining in the black in a worsening economic environment. It suggests that while average credit...
•Secured Loans Availability Shrinking
A number of high-profile exits from the secured loans market in the past year have highlighted the ongoing effects of the credit crunch for both consumers and loans providers.
In a recent report, financial advisory firm MoneyFacts explained that seven major lenders have stopped taking applications for new secured loans since July of last year. However, it noted that the demand for these lending products remains as strong as ever. Secured loans allow people to establish repayment arrangements...
•Unbiased Shows Record Amount Of Unnecessary Tax Being Paid
Britons are wasting billions of pounds in unnecessary tax payments, a new set of research shows.
In the latest TaxAction study carried out by Unbiased it was revealed that over the course of this year a total of 9.3 billion pounds will be frittered away by the public in tax payments. Such a figure represents an increase of about 1.4 billion pounds from data recorded in 2007. Furthermore, it is also the highest total amount of tax being wasted since the firm began its research over a decade...
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