House Sellers Drop Asking Price Again
House Sellers Drop Asking Price Again
House sellers have dropped their asking price for the second month in a row according to figures from property website Rightmove.
The new figures have shown a 2.1% drop in the asking price which means that while the average house may have a price tag of £231,543 but the average selling price is only £203,528.
“We’re in a ‘limbo-land’, where a restricted number of motivated sellers are trying to match themselves up with the similarly restricted number of financially capable buyers,” said Miles Shipside of Rightmove.
Debt Support Trust is a registered debt advice charity (SC041902) providing debt advice on a range of debt solutions including;
Individual Voluntary Agreement (IVA)
Mortgage Lending Increase In June
Mortgage Lending Increase In June
New figures released by the Council Of Mortgage Lenders has found that mortgages for first time home buyers increased 24% from May which was a 10 month high.
The number of mortgages approved were around the same level as the amount approved last October.
Paul Smee, director-general of the CML said,”Recent increases in Bank of England approvals figures also show that more completions are expected in July, so the more encouraging numbers may persist for a while,”
Debt Support Trust is a registered debt advice charity (SC041902) providing debt advice on a range of debt solutions including;
Individual Voluntary Agreement (IVA)
Riot Insurance – Who Is Covered
Riot Insurance – Who Is Covered
London has now seen 4 nights of rioting and many businesses as well as homes have been damaged by fire, vandalism and looting.
Many people are now wonder if they are insured and what procedures they need to take in order to claim back damages.
We have listed important information which people need to know in order to make a claim for insurance even if they are uninsured.
- Lodge a claim with police within 14 days – A 125 year law means that police are responsible for any damage during a riot.
- Uninsured, still covered for damage? – If someone is uninsured they can still make a claim for the damage to be paid for but businesses will not get money for their business being closed.
- Business Interruption period – If a business has had to close due to the riots then it is the job of insurance to pay for this period. (so long as the business has valid insurance)
Debt Support Trust is a registered debt advice charity (SC041902) providing debt advice on a range of debt solutions including;
Individual Voluntary Agreement (IVA)
800k In Negative Equity
827,000 Homeowners Have Negative Equity
According to new figures released by the Council Of Mortgage Lenders, 827,000 people are in negative equity with their homes.
The new statistics are close to the same as they were when the recession began back in 2008.
David Hollingworth, of mortgage brokers London & Country, said “In the current cycle low interest rates and a relatively stable employment market are providing more options for borrowers and lenders in difficulty,”
Debt Support Trust is a registered debt advice charity (SC041902) providing debt advice on a range of debt solutions including;
Individual Voluntary Agreement (IVA)
E-ON Increase Energy Prices
E-ON Increase Energy Prices
On Friday E-ON announced their plans to join other energy companies by increasing their energy prices from the 13th of September.
E-ON’s new prices would see an average increase of 18% for gas and 11% for electricity.
The increase is being blamed on a rise in the cost of wholesale energy prices which was around 30% according to many energy companies.
Paul Green, of Energyhelpline, said: “Even though this price rise was fairly predictable, the scale of it will stun E.On customers.”
Debt Support Trust is a registered debt advice charity (SC041902) providing debt advice on a range of debt solutions including;
Individual Voluntary Agreement (IVA)
Personal Insolvencies Drop Slightly
Personal Insolvencies Drop Slightly
New figures released by the Insolvency service has shown a drop in the number of people entering an insolvency debt solution over the past year.
While there was an increase of 1% when compared to the the previous quarter, there was a drop of 1.2% in comparisson to the same period last year as shown from the chart below taken from the insolvency serivce.
A spokesperson for Debt Support Trust said, “the number of people entering insolvency solutions is declining, which is excellent. The stats are still too high and additional support is required.
The UK insolvency problem is unlikely to be resolved quickly. People are treading water financially as unemployment, inflation and general cost of living in the UK rises – these are the people that most need our help.”
Debt Support Trust is a registered debt advice charity (SC041902) providing debt advice on a range of debt solutions including;
Individual Voluntary Agreement (IVA)
House Price Rise In July
House Price Rise In July
According to new figures released by the Halifax, house prices rose in July by 0.3% compared to the previous month.
The rise is the third in as many months howver the current house prices are still 2.6% lower than the same period last year.
Halifax housing economist Martin Ellis said, “Overall, there has been little change in either the level of house sales or the number of properties on the market for sale since late 2010,”
Debt Support Trust is a registered debt advice charity (SC041902) providing debt advice on a range of debt solutions including;
Individual Voluntary Agreement (IVA)
75% Of Public Sector Workers Have Pay Frozen
75% Of Public Sector Workers Have Pay Frozen
According to new figures released by the Chartered Institute for Personnel and Development (CIPD), 75% of public sector workers had pay frozen in the months between January and May.
The Government announced earlier in the year that they would freeze pay for anyone earning above £21,000.
The fact that only 25% of public sector workers experienced an increase in pay may cause further tension with people who see MP’s earning at least 2.5 times the average UK salary as unfair.
Debt Support Trust is a registered debt advice charity (SC041902) providing debt advice on a range of debt solutions including;
Individual Voluntary Agreement (IVA)
Workers May Not Retire Experts Warn
Workers May Not Retire Experts Warn
Financial experts at LCP have found that many workers will be unable to retire due to the fall in the final salary pension’s continuing.
The report estimates that £73 billion will be saved by employers because some have decided to link their penisons with the consumer price index instead of the retail price index.
LCP said , “Of course, where companies are seeing a significant reduction in their obligations to current and former employees, pension scheme members are losing out through lower expected future benefits,”
Debt Support Trust is a registered debt advice charity (SC041902) providing debt advice on a range of debt solutions including;
Individual Voluntary Agreement (IVA)
UK Debt Statistics
UK Debt Statistics
Credit action.org is a charity which provides useful and accurate statistics about the UK debt problem. The August debt statistics include;
- Total UK personal debt at the end of June 2011 stood at £1,451bn. The twelve-month growth rate remained unchanged at 0.8%. Individuals currently owe nearly as much as the entire country produced between Q2 2010 to Q1 2011.
- Total lending in June 2011 rose by £0.4bn; secured lending decreased by £0.1bn in the month; consumer credit lending increased by £0.4bn (total lending in Jan 2008 grew by £8.4bn).
- Total secured lending on dwellings at the end of June 2011 stood at £1,241bn. The twelve-month growth rate remained unchanged at 0.7%.
- Total consumer credit lending to individuals at the end of June 2011 was£210bn. The annual growth rate of consumer credit increased 0.3 percentage points to 1.8%.
- UK banks and building societies wrote off £9.5bn of loans to individuals in the 4 quarters to end Q1 2011. In Q1 2011 they wrote off £1.89bn (£866m of that was credit card debt). This amounts to a write-off of £20.71m a day.
- Average household debt in the UK is ~ £8,064 (excluding mortgages). This figure increases to £15,507 if the average is based on the number of households who actually have some form of unsecured loan.
- Average household debt in the UK is ~ £55,803 (including mortgages).
- If you add to this the March 2010 budget report figure for public sector net debt (PSND) expected in 2015-16 (excluding financial interventions) then this figure rises to £106,418 per household.
Debt Support Trust is a registered debt advice charity (SC041902) providing debt advice on a range of debt solutions including;
Individual Voluntary Agreement (IVA)