John Lewis Store opening sees massive turnout

Whilst there is still a great deal of gloomy news relating to the recession, the economy, and lack of spending on the High Street, a recent store opening in Dorset saw a massive turnout, with more than a thousand customers pouring through the doors to enjoy the opening of the flagship store. Read more

Tags: john lewis, experience, Poole, dorset john lewis, National, cash

Weaker bargaining power for tenants reported

It has been reported that tenants in the UK now have weaker bargaining power when it comes to renting a property, and this is the result of fewer homes coming into the market for rent, according to industry officials. Read more

Tags: fewer homes, Association, RICS, Renting, difficult market conditions, tenants, National

National Savings & Investments sees record deposit levels

According to a recent report the level of savings being deposited into National Savings & Investments by consumers in the UK has hit record levels, and more and more worried consumers look for a safe place in which to place their hard earned cash. Read more

Tags: investments, savings accounts, National Savings, money, National, National Savings & Investments

Brits increase savings 39 fold

British consumers have increased the amount they save by 39-fold since the early 1960s and by 31 per cent since 2000, according to new research.

Findings from the National Savings and Investments’ (NS&S’) Century of Saving report predicted that the savings ratio will rise in the years ahead.

However, it could be at least fifty years before the majority of Brits become regular savers.

The research also showed that gross savings have risen significantly from just £1.1billion in 1957 to £43.9 billion in 2007.

Dax Harkins, NS& I’s senior savings strategist, said: “Advances in technology, over the last half century such as telephone and internet banking, have made it easier for savers.”

He added that future developments such as Apple’s iPhone will play a part in boosting the future savings ratio by making new products possible and providing new ways from which to access them.

According to research from the Lincoln Financial Group, more than 1.8 consumers are risking their retirement savings on the stock market.

Tags: Dax, apple, regular savers, amount, 1960s

Premium Bonds big win odds drop

The chances of winning big on Premium Bonds dropped yesterday.

National Savings and Investments (NS&I) reduced the rate of return on its prize fund from 4 per cent to 3.8 per cent from the start of 2008, in response to December’s cut in the Bank of England’s base rate.

While the chances of winning– 21,000 to one per £1 bond – and the number of £1 million jackpot prizes remain the same, the spread between large, medium and small prizes will be skewed further towards small prizes of £50 and £100.

Million of Brits have money invested in Premium Bonds, totalling £36 billion.

Unlike other investments, there is no risk involved in the scheme – but unlike other savings products, there is no guarantee that investors will make anything at all.

The Times noted in 2007 that the chances of winning nothing at all with a £1000 Premium Bonds stake was 60 per cent, while the chances of getting a better-than-inflation return on £1,500 was around 20 per cent.

Tags: savings products, england, England's base rate, Business Finance, The Times, National, fund

UKSIF plans week to promote greener investments

The UK Social Investment Forum (UKSIF) is to run the first National Ethical Investment Week next year, it has emerged.

Members of financial professions will be encouraged to raise awareness of the variety of green and ethical investment options available during the week, which will take place between May 18th and 24th.

The initiative has received the backing of some of the industry leaders in ethical and green investment products, such as Friends Provident, Norwich Union and Henderson Global Investors.

George Latham, head of SRI at Henderson Global Investors, commented: “The evidence can no longer be ignored: consumer interest in sustainable and responsible investing is continuing to grow rapidly.”

“This initiative is a welcome and necessary contribution to the ethical debate, raising the profile of the industry and underlining that investing with a conscience can be a powerful and profitable catalyst for change,” Mr Latham added.

Meanwhile, fund propositions manager at Norwich Union, James Dalby, said that the week would help dispel the “many myths” that surround ethical investment, which he said are “generally untrue”.

Tags: Awareness, National, social investment forum, Business ethics, backing, norwich union, profile, investment options

Mortgage slow-down expected as prices rise

A slow down in the market is forecast as a result of rising mortgage prices, according to Andy Hornby, head of HBOS mortgage lender.

He warned that property owners were at risk from the fluctuations to the mortgage market and predicted that concerns regarding these changes could end in homeowners having to spend more on mortgage repayments.

Speaking to a Merrill Lynch banking conference in London yesterday, he said: “I suspect that the mortgage market is about to undergo a fundamental shift. Over the past three years we’ve seen a major decline in mortgage margins.”

He added that mortgage cost adjustment would continue on the back of “wholesale funding costs”.

Lenders’ rate increases have been widespread in the UK following the sub-prime mortgage crisis, causing anxiety for those considering taking out a loan on a house, many of whom decided not to, according to National Homebuyers.

HBOS is a retail, business, corporate banking, investment and insurance services company. It is the UK’s biggest mortgage and savings provider.

Tags: market, United Kingdom, National, Mortgage loan, HBOS mortgage lender.He, retail

‘No turning back’ for entrepreneurs

A large proportion of people in the UK who have struck out on their own would not want to return to doing a 9 to 5 job, according to a new study.

Research carried out by Abbey found that 77 per cent of entrepreneurs in Britain would never want to work for someone else again.

Those working in the East Midlands were the most satisfied with being their own boss, as 91 per cent wouldn’t go back to their former employer. More than half of those in Wales, however, would return to their old job.

“Running your own business can be tough but rewarding,” said Ian Wilson from Abbey.

“The benefits of running your own business obviously outweigh the negatives. Once people have taken the plunge they are unlikely to want to return to their old lifestyle no matter what problems they may encounter.”

As well as potentially challenging financial circumstances, entrepreneurs could face hurdles from a social point of view as well.

A spokesperson from the National Federation of Enterprise Agencies warned: “Running a small business can be a lonely occupation, especially to someone who has become accustomed to the world of employment and big organisations.”

Tags: National, old job."Running, social point, matter, point, employment, Enterprise, well.A spokesperson

Women put off by financial jargon, IFA says

Women tend to be “put off” by complex finance, an independent financial advisor claimed today.

According to AJS Wealth Management, female consumers prefer the “tangibility” of hard cash rather than the discussion of financial terms and higher-end commercial discussions.

Director at AJS Anna Sofat said: “One of the things [our] research threw up was that women are put off by finance; they like money. I think it comes back to tangibility.

“Money is here and now; finance is a bit high-faluting, full of jargon and complexities that they don’t necessarily want to get their heads around – not that they can’t, they just don’t want to.”

This apparent disparity between the sexes appears to reflect a difference in average wages. According to a recent report by National Savings & Investments, women still make four per cent less than male counterparts in total.

Only a marginal improvement, of three per cent, has been registered over the past seven years, as the statistics show that female salaries still have catching-up to do.

Tags: complexities, female salaries, women, investments, financial terms, National, improvement, marginal improvement

New gambling laws labelled “bad for good causes”

TV gambling advertisements, which are to become legal later in the year, could have a knock-on effect on charitable donations through damage done to National Lottery sales.

Various financial experts have already advised on the effect that the adverts might have on the UK’s mounting debt problem.

In a letter to the Guardian, Council for the Advancement of Arts, Recreation and Education Denis Vaughan said that “the decision to loosen up the regulation on advertising for gambling is a regrettable one, most of all for the National Lottery”.

Just last week, financial advisors Chase De Vere labelled the UK’s debt problem as being “worse than ever”, with more and more borrowing unsustainable amounts through unsecured loans and credit cards.

The new gaming legislation comes into effect later in the year. Reforms to the existing legislation have proved controversial, and widespread public resistance has already provided the impetus to Gordon Brown’s dropping of plans to build a new supercasino in Manchester.

Tags: National, guardian, new gaming, decision, Manchester, adverts, UK's debt problem, week

FTBs saving longer for their deposits

First-time buyers (FTBs) are saving for “around five years” to put down a deposit for their home, Your Mortgage said yesterday.

FTBs are also relying on loans from parents more and more, as house prices increase and interest rates rise.

Editor of Your Mortgage Paula John said that the average savings time had increased by a full 11 months in the past year alone.

“Of course, in the light of recent interest rate increases houses are even less affordable for first-time buyers so they are being kicked out of the market altogether”, she said.

Ms John also stated that house prices in London, which have increased by 15 per cent on average in the last year alone, have led FTBs to “lower their sights” and “buy a lot further out”.

According to HousePriceCrash.co.uk, in the last decade numbers of FTBs have shrunk from 55 to 29 per cent of the market.

The Office of National Statistics has also stated that the average price paid by FTBs in the UK has risen by 204 per cent over the same period.

Tags: first time buyer, market, Real estate economics, Ms John, uk, house, average savings time, National