Displaying items by tag: personal finance

House prices fell at their fastest annual rate in 14 years in August as rising mortgage rates affected the market. ‘We may be seeing a greater impact from higher mortgage costs flowing through to house prices,’ said the Halifax director of mortgages. ‘The market will continue to rebalance until it finds an equilibrium where buyers are comfortable with mortgage costs in a higher range than seen over the previous fifteen years.’ First-time buyers have welcomed a fall in prices but face relatively high repayment costs, alongside other cost-of-living pressures such as higher prices in the shops. On the flip side, wage growth has helped affordability. Despite the fall in property values, the Halifax said that prices were only back to the level seen at the start of last year, and still £40,000 higher than before Covid.

When she checks her son at night, Sandy Birtles can hardly see her teenager for all the coats on his bed. The single mother of two says they have to be careful not to use too much hot water, and they do all they can to keep warm but the bills keep rising. ‘I do not have the heating on when the kids are at school. If I'm not running around and clearing up, then I'm wrapping up in a coat.’ She said that financial pressures mean she has been ‘penny-pinching all the time’, but rising energy bills have added to the strain. A charity has predicted that she - and millions of others - will face a particularly difficult bill shock early next April when domestic energy prices rise. Domestic gas bills will have doubled in 18 months. Pray for suppliers to give more support to struggling customers.