Aug/090
Halifax: UK house prices on the increase
According to one of the UK’s largest mortgage lenders, house prices are now rising at a constant rate adding weight to the arguement that the housing market is undergoing a recovery. Halifax, conducted a survey of all their properties and results showed a 1.1% increase in July alone meaning the average price of a house has increased to £159,623.
Increases in average house prices have been hard to come by since October 2007 when the last quarterly increase took place. However, in the 3 months prior to July house price had already increased by 0.8% on the previous quarter.
It is one thing being told this by estate agents and mortgage lenders, but when large private housebuilders make similar claims we should take notice. Taylor Wimpey said it was seeing signs of a turnaround, with its sales rising in the first six months of the year. A company statement read: “there are signs that the situation is beginning to improve.”
Jul/090
Direct Mortgages - The best on the UK market
Mortgage brokers have been dealt a major as The Times Online report that 2 thirds of the mortgages on the market are available through the lender only and the previously commonplace practice of your mortgage broker contacting the lender on your behalf to negotiate a deal could soon be dead in the water. As if this news wasn’t bad enough, many of the deals are actually at a marginally better rate - especially if the consumer visits their branch to arrange it.
The statistics behind this story reflect a gloomy forecast for mortgage brokers. Last year over 70% of mortgages were only available through a broker but clearly the credit crunch has had a huge impact on the banking system and ideas and recommendations that would otherwise have taken years to come to fruition have now become the way of life.
Another reason why banks are doing this is to get a grip on the flow of mortgages being dealt out. They also believe that they can get a better feel over whether handing a mortgage to a consumer is a good idea.
Statistics from Moneyfacts.co.uk
Story from: The Times Online
Jul/090
House of Commons transport committee: Higher ticket fares on the way
The House of Commons transport committee has criticised privately owned rail franchises for increasing ticket prices, up to 11% in the recession. The consensus amongst the committee was that the current relationship between rail companies and commuters is unfair, with passengers being treated unfairly. The franchising system means companies bid to run trains on a particular route and those that bid the highest premium payments win the contracts. The rise in ticket costs on regulated rail fares including all season tickets rose on average 6% which is contrary to negative inflation and disproportionate to the real economy.
Lord Ardonis, Transport Secretary reiterated that the report backed a policy by the government to limit fares to no more than 1% above inflation. The consequence being lower fare rates by January 2010. In reply to the criticism the Association of Train Operating Companies stated that the existing system offers a punctual service and that passengers are satisfied.
Jul/090
Ban on IVF donors leads to shortage of eggs
A review in the sale of sperm and eggs for use in fertilisation treatment has arisen in the attempt to increase donations. Currently many childless couples are forced to seek treatment abroad due to a shortage in donations. Lisa Jardine, of the Human Fertilisation and Embryology Authority suggests an increase in the expenses payment of £250 to donors to encourage women to donate their eggs. Furthermore the loss of anonymity of sperm donors was also highlighted as having a possible negative effect.
Concerns have been raised as to the exploitation of poorer women donating eggs to raise money if a higher rate is set. However Jardine argues that the higher rate should exist for women donating their eggs as the procedure is more invasive than sperm donation. Although it is generally agreed that the sale of eggs and sperm raises a number of ethical questions Jardine believes it would create a more transparent system. The authority is also set to discuss the guidelines surrounding donations within a family.
One such case was that of a 72-year-old man who donated his sperm to his daughter-in-law and the rules with regards to brother and sister donations.
Jul/090
Pandemic flu figures direct gov to take action
A 26 year old pregnant British woman is critically ill with swine flu has been transferred to Sweden for specialist treatment after suffering an extreme reaction to the potentially fatal Swine Flu virus.
The woman was admitted to Crosshouse Hospital in Kilmarnock, Scotland with H1N1 last week, but after complications, the hospital recommended a procedure in which her blood would be circulated out of her body and oxygenated.
The Leicester unit that carries out this procedure was so full that she has been sent to Sweden.
The procedure is known as extra corporeal membrane oxygenation (ECMO) and involves a machine taking over the functions of the individuals heart and lungs.
The UK has a national ECMO unit in Leicester, however with only 5 beds all of which are taken.
A similar bed was found in Stockholm, where the woman has now arrived .
“Doctors are pleased with how she has coped with the journey, which is obviously good news, but the patient is critically ill, which is why she had to be transferred for this highly specialised procedure.
Jul/090
Regularly Updated Valuations are essential for contents over £60,000
Experts are urging consumers to invest in regularly updated valuations to prevent not being covered by insurance for certain things stolen. The value of heir-looms amongst other valuable objects can fluctuate in value. If it increases in value since it has been insured and is then stolen, you are not covered for the item and many insurers wont pay out.
They was to prevent this from happening is to have regular valuations on house contents over £60,000/ though this is expensive, it could save money in the long run. Consumers are being advised to photograph and take detailed descriptions of objects of value. Also, if objects are insured at auction price rather than retail price, a saving will be made as these prices are always lower.
Valuations are definitely something that needs to be considered when there are heir-looms involved.
Jul/090
Consumers Cut Back on Contents Insurance
The recession is forcing many people to make cut backs to be able to afford necessities. Many consumers think that contents insurance is not something that is essential and are cancelling it in the height of the recession. But experts are warning this is a “false economy”, and by cutting this out will only lead to more expense.
They add that insurance is the “safety net” consumers need in these times. Should anything drastic happen, with no insurance there is no easy way to repair or replace.
Jul/090
Women Continue to Get Lower Car Insurance
Research carried out by the AA shows that women drive slower, drive shorter distances and have lower annual mileage than men. Men who have just passed their driving test are more likely to have a crash than women who have just passed their test. Also while women are more likely to have small knocks and bumps, men are more likely to have crashes that cause large amounts of damage. All this contributes to women receiving lower insurance premiums to men.
Though some are arguing that this is sex discrimination, something the European Commission were trying to enforce, the British Government have dismissed the claim and have given insurance companies an “opt out” from the gender discrimination legislation.
They feel that by enforcing the discrimination law upon the insurance industry it would “penalize those it was meant to protect”, i.e. careful and safe drivers.
Jul/090
Fraudulent Claims push up premiums
Fraudulent car crash claims have increased by 70% over the last 3 years costing insurers millions of pounds. £260million fraudulent claims were discovered last year alone.
Now, insurance companies are spending money on reducing this number by introducing a ‘crash for cash’ scheme to whittle out the scam artists. Insurers claim it is not fair that good honest people have to pay, on average, £40 a year extra on their insurance premiums. They are now thoroughly investigating claims and sharing fraudulent claimants with other insurers to prevent more fraud occurring in the future. This bid will hopefully bring down premiums in the future.
Jun/090
Travel Insurance does not cover alcohol related accidents
Consumers are being warned that even though they have travel insurance, claims can be rejected if the accident or loss was whilst they were under the influence of alcohol.
This includes drunken accidents, the loss of phones, camera’s and personal property whilst under the influence, and also alcohol poisoning and dehydration caused by drinking too much alcohol.
Many consumers do not know that claims are thrown out if they are under the influence of alcohol. Essentialtravel.co.uk are urging people to be sensible whilst abroad where alcohol is involved.
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