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According to the Land Registry’s House Price Index, the January data shows a 5.2 percent change in property prices on an annual basis.  This reportedly marks the second consecutive month of positive figures, and has taken the average house price in England and Wales to £165,088.  A rise of 2.1 percent was recorded between December and January.

Findings have shown that average property prices in seven regions of England and Wales have increased during the last 12 months, with London experiencing the greatest rise at 10.5 percent.  In contrast, the most significant annual price decrease was found in the North East at minus 3.4 percent.

In monthly terms, it was revealed that the greatest house price rise was in London at 3.9 percent, whereas the North East experienced the greatest price fall at minus 1.3 percent. 

With regard to completed house sales in England and Wales, findings show a 54 percent rise in November 2009, which took the number from 36,091 in November 2008 to 55,715.

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Homeowners who have recently moved into a new property, but do not have the funds required to put their personal stamp on it, could consider taking out a secured loan to fund any desired projects.  One of many finance options available, a secured loan for home improvements could allow borrowers to completely re-decorate and re-furbish their new home to suit their personal tastes and lifestyles.  Furthermore, borrowers who enjoy spending time outdoors could even consider having their new garden landscaped if necessary, in preparation for the forthcoming summer months.

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According to new research from Sainsbury’s Finance, 56 percent of vets have revealed that they have had to put down cats and / or dogs in the past five years because their owners could not afford the required treatment.  In addition, it was found the 88 percent of vets have encountered situations where owners have ‘rejected a recommended course of treatment or operation’ due to an inability to pay for it.

Sainsbury’s Pet Insurance Manager, Joanne Mallon, commented: “It should be an essential item on a prospective owner’s list when weighing up whether to purchase an animal or not.  Doing without insurance is simply false economy and worse still could result in some heart breaking family decisions being made later down the line.

“Advances in veterinary science mean that our pets can get the best treatment possible these days, but these improvements including everything from more sophisticated scans to cancer treatments come at higher costs and the financial burden is being felt by pet owners.  Despite this, the vast majority of our pets are not insured so their owners have no protection against large veterinary bills.

“Vet fees are increasing by around 12% a year, and as a result of this we may see more animals needlessly being put down because their owners cannot afford it.”

The research uncovered that 63 percent of vets are of the belief that there has been an increase in the cost of treating a skin tumour on a cat or dog during the past 12 months.  Furthermore, it was found that 53 percent of vets reported a rise in the cost of treatment for dental trauma.  Additional reports of cost increases included the treatment of gastroenteritis at 65 percent, lameness at 61% and diabetes at 57%.

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Homeowners who are juggling ad hoc bills and regular commitments could consider taking out a secured loan to tie up any existing credit into one manageable monthly repayment.  One of many finance options available, a secured loan for consolidation could leave borrowers with lower monthly outgoings.  This extra money could potentially be set aside in a savings account for future use.  However, if opting for a secured loan to consolidate debt, it should be remembered that consolidating your debt may increase the amount you pay back overall and extend the repayment periods of your debts.

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According to moneysupermarket.com, 10 percent of British adults are ‘permanently in their overdraft’ whilst 12 percent go into their overdraft a minimum of five times per year.  Furthermore, the comparison website’s research has shown that 38 percent of bank customers have utilised their overdraft facility during the last year.  These figures reportedly ‘demonstrate an improvement’ compared to 12 months ago when they stood at 17 percent, 15 percent and 52 percent respectively.

Head of banking at moneysupermarket.com, Kevin Mountford, commented: “Whilst it is encouraging to see less and less people reliant on their overdrafts, we should be concerned that there are still such a large number of people permanently overdrawn.  With rising inflation, it is going to be difficult for many to break the habit of living in the red, and it may be that more people will fall back into this position as living costs increase.”

“The charges attached to overdrafts have been at the forefront of the news agenda over the last couple of years, with the courts eventually deciding the banks can penalise those who go overdrawn in whatever way they choose, without interruption from the Office of Fair Trading (OFT).  The dangers of being overly, or entirely, reliant on your overdraft are clear; firstly this can be an extremely expensive debt to carry if it hasn’t been agreed with your bank in advance, and secondly your bank can reduce the size of your overdraft with little warning.

“Consumers should always consider the ways in which they use their current account, and make sure they have the right product to match.  For example if you dip into your overdraft on a regular basis, your main concern should be minimising the costs of going overdrawn; but if you’re never overdrawn you might want to look for other benefits, such as charges for use abroad or in credit interest rates.”

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Homeowners who would like to re-organise their finances – particularly any existing credit – could consider taking out a secured loan for consolidation.  One of many finance options available, a secured loan could be used to tie up borrowings such as credit cards, store cards and personal loans into one manageable monthly repayment.  In taking this approach borrowers could be left with a single monthly repayment that is lower than the sum of existing outgoings.  However, if opting for a secured loan to consolidate debt, it should be remembered that consolidating your debt may increase the amount you pay back overall and extend the repayment periods of your debts.

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A survey conducted by R3 has revealed that 66 percent of the insolvency trade body’s members have dealt with cases where people have taken on a store card ‘without understanding what they had let themselves in for’.  Furthermore, it has been revealed that 78 percent of insolvency practitioners are of the opinion that consumers do not view store card spending as being as ‘real’ as utilising cash.  For this reason, it is thought that shoppers unintentionally go over budget.

Therefore, R3 has issued an advice guide for consumers regarding store cards.  The guide is intended to assist consumers in getting the most from store cards, whilst avoiding getting into financial difficulties.  Additionally, R3 has reportedly called for a ban on ‘irresponsible practice of allowing financially unqualified shop staff selling store cards’.

Peter Sargent, R3 President, said: “Offering store credit at the point of sale means that many vulnerable consumers do not grasp that they are entering into a legally binding contract.  Store cards must be handled just like any other credit card.  This advice guide was designed to make consumers stop and think.  We can’t stop people from using store cards but we can show them how to make sure the store card works for them.”

R3 advises consumers to take the following action before signing up for a store card:

• Take time to read the application form ‘at your leisure’ by taking it away, rather than feeling under pressure to sign it immediately.
• Enquire as to whether or not there is an interest-free period, and confirm what the rate will be following this period.
• Be sure to check what the default and late payment charges are.
• Bear in mind that lower repayments mean a longer repayment period, which equates to a greater overall repayment.  In some instances, the minimum repayment will only be covering the interest.

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Homeowners who have accumulated a number of store cards or credit cards could consider taking out a secured loan to tie these up into one manageable monthly repayment.  One of many finance options available, a secured loan for consolidation could leave borrowers with a single monthly repayment as opposed to juggling several.  Furthermore, this monthly repayment could even be lower than the sum of current outgoings – thereby releasing extra money each month.  However, if opting for a secured loan to consolidate debt, it should be remembered that consolidating your debt may increase the amount you pay back overall and extend the repayment periods of your debts.

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According to Moneynet.co.uk, the average authorised overdraft interest rate has risen from 13.85 percent in February 2008 to 15.32 percent in February of this year.

It has been reported that somebody who became overdrawn by £1,000 in February 2008, for six months of the year, would have been faced with interest charges of £69.25.  In contrast, a person in the same situation today would be looking at interest charges to the value of £76.63 – an increase in excess of 10 percent.

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Homeowners who have built up multiple credit including overdrafts, credit cards and store cards, could consider consolidating it with a secured loan.  One of many finance options available, a secured loan for consolidation could leave borrowers with a single monthly repayment as opposed to juggling several.  By tying up existing credit, such as credit cards, into one place, borrowers could even be left with more money each month as a result of lower monthly outgoings.  However, if opting for a secured loan to consolidate existing credit, it should be remembered that consolidating your debt may increase the amount you pay back overall and extend the repayment periods of your debts.

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According to LV=, the results of their seventh annual survey have shown that the cost of raising a child to the age of 21 is likely to cost parents in excess of £201,000 – equivalent to £26 per day.  These costs were found to have increased by 4 percent since the previous survey in January 2009, with childcare and education amounting to the greatest expenses.

In fact, the survey revealed that a typical household where both parents are working could be faced with childcare costs up to £54,696 for each six month to 16 year old.  This figure includes nursery fees, after school clubs and holiday clubs.  Furthermore, the cost of education reportedly amounts to £52,881 throughout a child’s lifetime.

Findings have shown that 77 percent of parents have admitted to cutting back on family expenditure due to the ‘ongoing economic situation’, with this figure coming in lower than the 81 percent recorded last year.  It would seem that 36 percent of parents are also cutting back on the amount of money that they regularly save.  In addition, it was found that 19 percent of respondents have been forced to cancel or review their insurance products and income protection cover in order to assist with budgeting for the family.

With regard to pocket money, LV= discovered that the sum that a child receives has increased by virtually 5 percent this year.  The value now stands at £4,338, which reportedly marks a reduction from £5,469 in 2007.  It has been highlighted that 13 percent of parents have actually been asked for less pocket money, which is thought to be a sign that ‘the need to maximise the family’s finances is being felt by more than just mum and dad’.

The survey has revealed that the cost of raising a child is highest during the ‘university years’ when parents could potentially be faced with annual costs of £13,677.  However, findings also show that parents with toddlers between the one and four years of age could be looking at a cost of £13,014 per annum.

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Homeowners who have found themselves using credit and store cards to cover the cost of their families, could consider consolidating this with a secured loan.  One of many finance options available, a secured loan for consolidation could be used to tie up any existing debts such as credit cards and personal loans.  What’s more, in taking this approach, borrowers could be left with lower monthly outgoings and more money each month, which could potentially be set aside in a savings account.  However, if opting for a secured loan to consolidate debt, it should be remembered that consolidating your debt may increase the amount you pay back overall and extend the repayment periods of your debts.

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According to the Finance & Leasing Association, consumers spent 17 percent more on instalment credit during the lead up to Christmas compared to the same period a year before.  It is believed that a proportion of this increase was related to the rate of VAT returning to 17.5 percent, which reportedly prompted people to make money-saving purchases beforehand.

Compared to 2008, it has been revealed that the sum of new consumer lending provided by members of the FLA fell by 15 percent in 2009.  However, an analysis of the actual products has shown that credit card, store card and store instalment credit spending have ‘held up, relative to longer-term credit products’.  It was found that consumers are making smaller purchases on instalment credit, such as white goods and home electronics, which typically cost up to £700.

Fiona Hoyle, the FLA’s Head of Consumer Finance, said: “Our figures tell a wider story of the recession.  Overall, new consumer lending is down by 15%.  But the breakdown between different credit products tells us that customers are looking at the financial products available to them, and using credit products to meet specific needs.

“The High Street has benefited from FLA members providing credit to customers, whether through credit cards, store cards or store instalment credit.  Customers are using these products because they are flexible and allow consumers to spread payments for essential goods and keep them at levels that are within their budgets.

“The same principle applies to store cards.  But store cards are endangered by current proposals from the Conservatives, which would gold-plate new EU regulations and remove this convenient option for customers.  We hope the Conservatives will think again.”

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Homeowners who find themselves with multiple credit card or store card repayments each month could consider taking out a secured loan to tie these commitments up into one manageable monthly repayment.  One of many finance options available, a secured loan for consolidation could leave borrowers with just one monthly repayment as opposed to juggling several.  Furthermore, this single monthly repayment could even be lower than the sum of current outgoings.  However, if opting for a secured loan to consolidate existing credit, it should be remembered that consolidating your debt may increase the amount you pay back overall and extend the repayment periods of your debts.

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