THE HALIFAX IS sticking to its forecast which suggests house prices will fall an average 2% this year after rising 160% over the past nine years, says the Guardian .
The country's largest mortgage lender yesterday said house prices had developed in line with its expectations in the first six months of the year, during which they showed no growth at all.
But Halifax chief economist Marti Ellis says the UK housing market is on course for a gentle slowdown and house prices are expected to fall 2% nationally this year as the annual rate of increase has declined from more than 20% to below 4%.
THAT SAID, HBOS also suggests the Scottish housing market is set to grow 10% this year – a higher rise than anywhere else on the UK mainland, adds the Scotsman.
MOST SCOTS COULD survive financially for 70 days without an income, which is nearly two months longer than the rest of the UK, continues the Scotsman.
The average adult in the UK would only last for 18 days financially if they lost their job, according to a study by Combined Insurance, as the average monthly outgoings for a British worker is £1,712 while more than one in four (27%) has no savings.
Fewer than one in three has the equivalent of three months' salary (£5,500) put aside for emergencies, while 21% have £1,000 or less tucked away, suggests the research.
AND CREDIT CARD COMPANIES have been ordered to cut penalty charges for people who pay bills late or face legal action, says the Daily Telegraph.
The Office of Fair Trading said it believed penalty charges of around £20 to £25, payable when cardholders fail to pay bills or exceed their credit limits, were "unfair" and "excessive", so it is now holding consultations on its findings with eight banks.
These unnamed banks have been warned they have just three months of either cutting the charges – which is also applied to unhonoured payments through cheque or debit card – or find another way of “addressing concerns” to avoid legal action.
If you have any comments you would like to add to this story or would like to speak to its author about a similar subject, telephone Julie Henderson on 020 7968 4571 or email [email protected].IFAonline
Joined as head of strategy, multi asset, in June
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