Number of empty homes reached five year peak last year

Recently released figures have shown that the number of homes that were left empty reached their highest level in five years in 2008. The number of homes that had been left empty for at least six months in England is said to have increased by 9 percent in the year to April 2008, with the number of private homes that had been left empty for at least this length of time rising to 303,285. This was the highest figure since April of 2003. Read more

Tags: empty properties, average earnings, big gap, time, loan, homes, economist, higher levels

Halifax house price data contradicts Nationwide data

Recently Nationwide released data that showed house prices in the UK had picked up during the month of October, following an unexpected tumble of 0.6% during the month of September.

The news of rising house prices came as a surprise for many, particularly given industry predictions that house prices would continue to fall over the last quarter and into 2008. However, the Halifax has now released data that contradicts the information provided in the Nationwide report.

According to the Halifax house prices actually fell during the month of October, taking another tumble of 0.5% and bringing the annual rate of inflation to 8.9% for October from 10.7% in September. According to the Halifax report the average house price in the UK is now just over £197,000. If house prices have fallen for the second consecutive month this is the first time since April and May 2005 where there will have been two house price drops in a row.

In the three months to October house prices were 0.3% higher than the same time last year according to reports. The Halifax stated that its figures reflect the steady ‘downward trend’ that many analysts and industry experts have been predicting would take place over the final months of the year.

The Chief Economist at Halifax stated: “The rise in interest rates since August last year and negative real earnings growth so far this year are curbing housing demand, leading to a slowdown in both price growth and activity.”

He added that the data signifies a cooling market but not a crash. “The UK economy is in a strong position. Sound market fundamentals, including high levels of employment and a shortage in the number of properties available for sale, will continue to support house prices.”

Tom Smith
15th November 2007

Tags: interest, bank, rise, prices, rates, england, houses, homes, cost

Smokers lose money on insurance premiums

Most smokers realize that by kicking the habit they could save a fortune each year, with many smokers spending thousands of pounds each year on cigarettes.

However, many forget that in addition to saving money on the cost of cigarettes, which can then be used for anything from luxury holidays to investments for the future, they can also save money in areas, one of which is insurance.

There are many different types of insurance cover, and the main ones on which smokers can save money include medical or health insurance cover, life insurance cover, and home insurance cover.

Smokers are classed as an increased risk when it comes to these types of insurance cover, and as a result of this increased risk most smokers pay considerably larger premiums than non-smokers, which adds to the overall cost of being a smoker.

When it comes to medical and health insurance, smokers are more likely to make a claim because of the health risks and illnesses associated with smoking, and therefore have to pay higher premiums. With life insurance, smokers are more likely to contract a terminal illness such as cancer due to smoking, and again as a result of this the cost of premiums are pushed up.

And in terms of home insurance, smokers are classed as an increased risk when it comes to fires in the home, and this also pushes up the cost of insurance premiums.

It is also thought that the number of people in the UK smoking in their homes, and therefore being classed as an increased fire risk, will increase, as the smoking ban in public places has now come into force in the UK.

Although many smokers now aim to give up altogether, which could boost their finances in many areas, many others will resort to staying in and smoking in the home rather than going out to pubs and clubs where they can no longer smoke.

Tom Smith
5th July 2007

Tags: ban, more, home, public, house, risk, finances