We all know pensions are important but most of us rarely engage with them. Yet, with a little bit of time and effort, you can get your work pension working as hard as possible for you - and at some point in the future you will be very glad you did so. Georgie Frost, Lee Boyce and Simon Lambert talk pensions: why you should start early, the reason that it involves free money, how to invest for a richer retirement many years down the line and much more. Also on the agenda, what happens if you get stuck in a mortgage with your ex, why is Lee so annoyed at a sneaky insurance tax that swiftly adds up, and can M&S's sales and share price resurgence continue? And finally, listen to the end if you want to find out where Lee buys his socks and Georgie gets her underwear.
Adam Cox and Rob Nezard from UK Radiators explore recent research revealing that over two-thirds of Brits are worried about heating their homes in the upcoming winter. They deliberate on the Prime Minister's decision to delay the gas boiler ban, discussing its pros and cons, while addressing the necessary steps before the transition to heat pumps can occur. Additionally, Rob highlights ways to enhance efficiency, reduce heating bills, and advises consumers on avoiding the purchase of unsuitable radiators. https://ukradiators.com/
House prices will continue to fall, says an influential poll of estate agents. The latest survey by the Royal Institution of Chartered Surveyors found that buyer demand is declining and fewer homes are coming to the market. Meanwhile, Halifax’s latest house price figures show a £14,000 drop compared to the recent peak in August 2022 and 4.7% fall in the year to the end of September, the largest since 2009. So, how much further could they fall and are buyers in danger of trying to time the market? Will there be a big pause before a general election next year?
Georgie Frost, Simon Lambert and Lee Boyce discuss the age old favourite of house prices. Last week has also seen the Bank of England sound the alarm over 35 year mortgages – should we be concerned? Skipton Building Society launches a headline mortgage rate of 3.35%. What’s the catch? It comes as its rival Nationwide has new best buy home loan rates. Could mortgage deals continue to fall? And we look at the top up-and-coming areas for first-time buyers: Does your area make the cut? Spoiler: it features Hull, Middlesbrough and Ipswich. DIY investors went on a gilt-buying spree in September - shunning the stock market and savings accounts. The UK government bonds were paying as little as 0.125% last month – so why were they getting involved? Hargreaves Lansdown is launching a basic, no-frills pension for those who want an easy way to invest for retirement but aren’t quite sure how to get started. They are the first SIPP provider to give details after regulators said they had to offer customers a 'default' option by the start of December. Will it make SIPPs sexy enough to the self-employed? Shrinkflation, bogus loyalty card savings and variable prices in supermarkets... we’re fed up with the lot of them. Are you?
And suddenly they stopped. After 14 interest rate rises in a row, the Bank of England stalled and kept base rate on hold. A lower than expected inflation number and slew of economic reports indicating the heat was being taken out of the economy were credited with staying the Monetary Policy Committee's hand. So, will 5.25% now be the peak for base rate or could rates once again start to head higher from here? And what does the Bank of England's decision to pause mean for savings rates and mortgage rates? Georgie Frost, Lee Boyce and Simon Lambert discuss why interest rates were held, what nudged inflation down, what could happen next and what all this means for savers, borrowers and investors. Plus, what does the government rowing back on Net Zero plans mean for electric cars, EPCs and how we heat our homes? And finally, if your neighbours can see into your garden and you don't like it, can you just stick up a very tall fence or do you need planning permission (and risk triggering a neighbourly battle)?
Many people may be feeling in a state of financial flux at the moment and wondering where to put their money, and it's not an easy choice. Savings rates have improved, gold is holding steady, but property prices are slipping and stocks are sticky. That's just some of the myriad of options Britons are contemplating right now, alongside other areas such as overpaying the mortgage or saving for retirement. So, where would you put your money for the next five years? That’s the question the This is Money team put to the experts – and our readers – with a mixed response. Georgie Frost, Simon Lambert and Lee Boyce reveal what they told us, the results of a reader poll and how they’re grappling with these big financial decisions. Could unloved and cheap investment trusts be the answer? Simon runs the rule. Premium Bonds have been boosted again – Lee reveals why they are giving them a headache. And NS&I have boosted its green savings deal to 5.7%: is it a good deal now? Elsewhere, Ofgem has announced the new energy price cap for October 2023 will be £1,923. What does it mean for households – and why are many still facing higher bills this wint regardless? Loyal listeners may might remember predictions from a chap called Fred Harrison a few years ago, for a housing market crash in 2026: the British author and economic commentator identified the 18-year property cycle and believes it can accurately predict the next house price crash. But have today's inflation and high mortgage rates thrown the cycle off track? And property prices have become less expensive relative to average earnings, according to new data – but there’s a sting in the tail: higher mortgage rates mean homes are now LESS affordable. Finally, would you pay £25 million for a car?
Inflation falling, wages rising, mortgage rates fall back a bit and fixed savings rates seem to be peaking at 6% - all without a recession (yet)! Is the oasis in sight, or is this a mirage? Georgie Frost, Simon Lambert and Helen Crane review the prospects looking forward. Also, Rishi Sunak vows to keep the 'triple lock' on pensions, but can we afford it?
After months of mortgage mayhem some better news finally arrived this week with major lenders delivering a slew of hefty rate cuts. Halifax, Nationwide, and NatWest have all delivered big chops to their home loans, with analysts saying that we may be past the moment of peak panic in the mortgage market. That’s the silver lining to a very dark cloud though, as mortgage rates are far higher than they have been in recent years and almost all of those whose fixes come up for renewal will face paying much more. So if this is the end of Mortgage Mayhem Part 2 (the uncalled for sequel to Liz Truss and Kwasi Kwarteng’s original instalment), what happens next? Georgie Frost, Helen Crane and Simon Lambert survey the wreckage of the past few months and look at what could come next for mortgage rates and homeowners? With higher rates here for the foreseeable future, they also discuss what this means for people’s finances and how mortgage hikes are likely to eat most people’s pay rises and then some. Simon explains why after such a long period of stagnant real wages, this is a major problem. In cheerier news, Premium Bonds have had another big bump up in the prize rate, so are they now a no-brainer? (For those listening to the podcast and looking for it, here is the link to our Premium Bonds winning stats piece Simon mentions: https://www.thisismoney.co.uk/money/saving/article-12161769/Premium-Bonds-likely-win-1m.html). Plus, what is the tale of good customer service that Simon has returned from holiday with? And finally — how did Helen go viral with an old carrier bag?
Earlier in the week, the consumer prices index measure of inflation fell by more than expected thanks to a fall in transport and food prices. It eased to 7.9% in June, a bigger drop than expected, according to the Office for National Statistics. This was the lowest CPI rate since March 2022 when inflationary pressures began to amplify the headline figure. So what does that mean for the typical household and for potential future base rate rises? Lee Boyce, Sam Barker and Georgie Frost delve into CPI and what that means for mortgages and savers. And on the note of savers, two pieces of data this week point to a mixed picture for our financial resilience. On one hand, a survey suggests one in three people do not have enough savings for an emergency - and on the other, that a third of savers are earning 1% or less, and for some that's on five figure pots. If inflation does stay sticky, pensioners could see a big rise in in the state pension - if politicians keep the 'triple lock' pledge. Data suggests that by 2030, the annual state pension figure is likely to be between £13,000 and £14,000. Before you head off on holiday, we reveal the cruel new scams you need to know about. And… bitcoin to surge to $120,000 by the end of 2024 according to one major bank. How likely is that and why does one expert think it's nonsense.
Chancellor Jeremy Hunt is looking for more risk to be taken in pensions - is this right? And should they not first sort out the estimated ten million errors in state pension records? Meanwhile one million people will be paying an additional £5,000 per annum on mortgage payments: could the Bank of England have done more? And finally - would Britain be safer if only women were allowed to drive?
Adam Cox is joined by Steffan George, who serves as the Managing Director of the Master Locksmith Association. Together, they delve into the concerning increase of rogue locksmiths, posing a threat to the security and financial well-being of British individuals. The discussion revolves around the complicity of search engines in enabling these unscrupulous locksmiths to advertise their services, ultimately leaving unsuspecting homeowners vulnerable. Steffan sheds light on the tell-tale signs of rogue locksmith advertisements, offering valuable insights into this pressing issue. https://www.locksmiths.co.uk/
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