More breathing space over stamp duty

Following his recent budget, Alistair Darling, the Chancellor of the Exchequer, revealed that the break on stamp duty on properties up to a certain value was to be extended until the end of this year. Read more

Tags: new-build housing market, stamp duty, council of mortgage lenders, london, term impact, budget measures

Energy firm says bills may be cut early next year

One of the UK’s major energy suppliers has recently stated that it may be looking at cutting energy usage costs early next year if wholesale energy prices continue to fall. The price of crude oil fell earlier this year, and energy firms were slated by consumer campaign groups and officials by not responding to the drop in oil prices by cutting bills, but the energy firms said that the reason behind this was that the cost of wholesale energy was still high. Read more

Tags: wholesale energy, watchdog, bill, cut, Energy crisis, step, wholesale energy prices, Mayo

British parents help children choose first home

British parents have collectively paid out more than £27 billion to help their children buy their first homes, according to new research.

Findings from Abbey Mortgages revealed that an average of £5,874 is given to each child to enable them to take that first step onto the property ladder.

Up to one in seven first time buyers receive money from their parents to invest in their home with one in sixteen borrowing money.

Nici Audhlam-Gardiner, head of Abbey Mortgages, said: “Because house prices have increased so much over the past few years, buying that first home is also a bigger and more daunting investment than it was for the previous generation so guidance is undoubtedly needed.”

The research also showed that finding a home for their offspring also costs parents time, with an average 17.8 hours spent helping with choosing the property and 22.5 hours spent helping them move in.

According to figures from the Office for National Statistics Social Trends survey, more young people are living with their parents for younger with the rises in property being blame, reported ITN.

Tags: Mortgages, Banking, step, british parents, Trends, head of Abbey Mortgages, borrowing, GBP

Online shoppers one step ahead in the Christmas sales

An estimated 60 per cent of consumers used the internet on Christmas day to pre-empt the festive sales, say industry experts.

According to a survey of over 2,000 shoppers, the Post Office said that one in five of festive online users would make a purchase over the internet.

Post Office Broadband manager Stewart Fox-Mills, said: “Whereas families traditionally fought over the TV remote control on Christmas Day, the growing popularity of computers and the internet means more people will be fighting over the mouse this year.”

Marks & Spencers launched its online sale at midnight on Christmas day and reported busy trading into the early morning.

The retailers reported particularly busy trading between midnight and 1am.

Meanwhile, shoppers are still expected in the shops in the traditional post-Christmas sales.

Industry experts are expecting some retailers to offer discounts of up to 70 per cent in an attempt to make up the slow build-up to the festive period.

Tags: step, online sale, Fox, christmas, control, post office, day