The start of a new year is a great opportunity to reassess your finances. In 2023, with difficult economic conditions causing cost-of-living difficulties for many, it is especially important to make sure everything’s in order. Protection is an essential part of long-term financial planning. The right protection for your unique needs is an indispensable safety …
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What’s next for housing and mortgages?
After a turbulent 2022, the new year brings hope and uncertainty in equal measure. So, what does 2023 have in store for the housing and mortgage markets? Back to normal? Average mortgage rates rose sharply after the ‘mini-budget’ announced by former Chancellor Kwasi Kwarteng in September 2022. Although significantly higher than at the start of …
Financial fitness: Building retirement resilience
Although there are many challenges on the household finance front at the moment, the start of a new year always provides the perfect opportunity for a financial health check; and a key element of any finance MOT will inevitably be an honest appraisal of your financial fitness for life after work. Retirement income targets A …
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Investment focus for the new year
By any comparison, the past 12 months have been tough for investors with a series of shocks impacting markets and, as 2023 dawns, uncertainties remain. One constant on the investment horizon, though, is the requirement to be strategic with your portfolio. A sound strategy based on careful planning; making purposeful decisions, based on thorough research …
Economic Review – December 2022
Bank Rate raised again In mid-December, the Bank of England (BoE) announced another hike in its benchmark interest rate and warned that further increases are likely in order to sustainably return inflation to target level. Following its latest meeting which concluded on 14 December, the BoE’s nine-member Monetary Policy Committee (MPC) voted by a 6-3 …
Residential Property Review – December 2022
Demand drops amid economic uncertainty Activity is weakening across the sales market, according to the latest UK Residential Survey from the Royal Institute of Chartered Surveyors (RICS), which points to a challenging year ahead. The headline net balance for new buyer enquiries was -38% in November, a seventh successive negative monthly reading. Similarly, new sales …
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Commercial Property Market Review – December 2022
Stability and optimism for commercial property Average prime yields stabilised in November, according to the latest Market in Minutes report from Savills, which also pointed to an optimistic outlook for 2023. The number of sectors seeing rising yields halved in a month, the report noted, though some sectors, including shopping centres and City of London …
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Retire early – repent at leisure?
It is the dream of many to retire early. Indeed, 270,000 people in their 50s and 60s left the UK workforce during the COVID-19 pandemic, according to the Institute for Fiscal Studies. Concerns about retirement poverty However, two thirds of people aged 50–70 who quit work or lost their job during the pandemic left the …
Protection insurance payouts on the rise
Claims paid out under protection insurance totalled £6.8bn in 20211, a second consecutive yearly high, with more than £18.6m paid out every day in life insurance, income protection and critical illness claims. Last year was the third year in a row where the overall average individual payout increased, rising by 9% year-on-year to reach £14,994. …
An ‘epidemic of fraud’ impacting young and old
The latest annual fraud report published by UK Finance stresses the need for an urgent response to ‘the epidemic of fraud’ that the UK is currently facing. The report reveals that £1.3bn was stolen by criminals through authorised and unauthorised fraud in 2021. In total, 56% of UK adults1 have received a suspicious communication or …
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