Rents across the UK are set to rise considerably faster than house prices over the next five years, according to property agents Savills.
It forecast that rents will go up by 19 per cent between now and 2021, while house prices will only rise by 13 per cent, the BBC reports. The gap will be even more pronounced in London, where it said rents will rise by 24.5 per cent, and house prices by 10.9 per cent. Fuel The price of diesel has risen faster than at any time in almost a decade as a result of a slump in the pound after the Brexit vote, the RAC said. The Times reports that almost £3 was added to the cost of filling the average car last month in a further sign that the vote to leave the EU may be harming family finances. Diesel prices increased quicker in the past month than at any time since May 2008 and are almost a fifth higher than at the start of this year. PensionsA generation of young Britons saddled with thousands of pounds of debt face a future pensions crisis, research warns. Burdened with servicing debts of more than £20,000 each, nearly a quarter of people under 40 say they do not save into a pension because they can’t afford to, Prudential claims.
Thisismoney reports that with the cost of education soaring and many forced to wait until later in life to get on the property ladder, nearly half of under-40s not setting anything aside for their retirement say they can’t due to their debts.
Economy The Bank of England has almost doubled its economic growth forecast for 2017 after Britain defied expectations of a downturn after the Brexit vote, The Times reports. The economy is expected to grow by 1.4 per cent next year compared with a forecast of 0.8 per cent in August. The upgrade is greater than for any other year in the Bank’s history. Insurance Premium Tax In advance of the Autumn Statement on 23 November, the Association of British Insurers is urging the Government to freeze the rate of Insurance Premium Tax (IPT) to help keep household bills for millions of families who are ‘just managing’ as low as possible. Since November 2015, the Government has increased IPT by two-thirds from 6 per cent to 10 per cent. IPT affects car, home, pet, private medical insurance and cash plans, as well as most commercial insurances. The ABI calculates that the combined impact of the rises in IPT from 6 per cent to 9.5 per cent in November 2015, and then by a further 0.5 per cent to 10 per cent in October this year could have added an extra £109 to the annual insurance bill of a typical household. Driving Drivers who spend 20 per cent of the time over the speed limit almost double their risk of an accident, according to new analysis from Insure The Box. Those who assume a little speeding can do no harm may be shocked to learn that going over the speed limit 10 per cent of the time increases their risk of an accident by more than 42 per cent. Smoothness of driving is also a key factor in accident risks as the analysis from Insure The Box reveals. Drivers who have erratic driving behaviour such as swerving, speeding and habitually slamming on the brakes are far more likely to end up having a crash. Finally…Painted ostrich eggs, barge racing medals and feather collections are among the weird and wonderful items named by Britons as the most priceless possessions in their homes.
On average, Brits have 27 sentimental items they’d be devastated to lose, and which no amount of money could replace. Family photos, letters, family heirlooms and childhood toys are among the nation’s top 10 most beloved belongings, according to research from Neos, an insurance start-up.
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