House prices increased more than £20,000 in the year to March to a new record high as annual UK house price inflation returned to double-digit growth for the first time in almost two years, according to the latest Halifax house price index.
Buyers chasing a low stock of homes for sale sent prices rising by £21,587 or 10.1 per cent in the three months to March, compared to the same period a year ago. The average price is now £214,811, Halifax said. This is the biggest annual jump since July 2014 and the second biggest since the run-up to the financial crash in September 2007.
Research by Skipton Building Society has revealed that many savers are missing out because they don’t understand the rules and financial jargon associated with the new Personal Savings Allowance (PSA) and existing types of savings accounts.
Under the terms of the PSA, basic rate taxpayers can earn £1,000 interest on savings before paying tax (the threshold for higher rate taxpayers is £500).
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