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Average water bills to rise 0.5% above inflation
Average water and sewerage bills will rise by 5.7% from April, the water regulator Ofwat has announced.
The above inflation increase will bring the typical water bill to £376 per household, up by an average of £20. The 0.5% above inflation increase was considerably below the 10% rise in prices the water companies were pushing for, according to the regulator. The hike is part of a five-year program of annual prise rises to help fund £22 billion worth of investment in the country’s water and sewerage infrastructure.
Ofwat said the price was made up of November’s Retail Prices Index (RPI) measure of inflation of 5.2% plus 0.5%.
Stark variations were notable in different regions around the country, with homeowners in the Southern district seeing their water and sewerage costs rising by 8%, while those served by Dwr Cymru will have an extra 3.8% added to their bill. The increases will take the annual cost of water and sewerage in the South West area to £543 a year – the highest in the country. Households in the Severn Trent region will… Continue To Read This Post..
Inside Mortgage Finance – What the Mortgage Market Reads | Industry Data, News and Analysis
News from Our Industry Newsletters
January 27, 2012
Dems to Keep Pressing FHFA on Principal Reduction
Despite the Federal Housing Finance Agencys release of a long awaited study justifying its position against the writedown of underwater…… from Inside The GSEs
January 20, 2012
MetLife Quits FHA Lending, Remains an FHA Servicer
MetLife Home Loans (MHL), one of the top FHA-approved mortgage lenders and FHA servicers, has quit the loan origination business and stopped…… from Inside FHA Lending
January 6, 2012
Non-Mortgage Securitization Posts Solid Recovery In 2011, But MBS Production Fell Short of 2010
The securitization market produced .182 trillion of new residential MBS in 2011, a sharp 16.6 percent decline from the year before,…… from Inside MBS & ABS
December 16, 2011
Banks Differ on Portfolio Lending Strategies
Servicing and delinquency issues in recent years have prompted three of the four major bank portfolio lenders to decrease their focus on…… from Inside Nonconforming Markets
Buying now cheaper than renting
Owning a home has become considerably cheaper than renting one over the past three years, according to a study by Halifax.
Research from the building society found homeownership was more than £100 a month cheaper than being a tenant in December 2011. The average cost of buying a three-bedroom house in the UK cost £600 last month; some £116 (or 16%) lower than the average monthly rent of £716 paid on the same property type, according to the Halifax report. Three years ago, the average cost of buying was 29% higher than renting.
In December 2008, a three-bedroom property would have cost the average homeowner £928 a month in mortgage payments, while a tenant would have needed to find just £721 to cover rent on a property of a similar size.
The remarkable turnaround has been driven by a sharp fall in the cost of mortgage payments and soaring rents in the private sector. The monthly cost of buying a home has fallen by more than a quarter since 2008. New mortgage borrowers were paying an average rate of interest… Continue To Read This Post..
Mortgages cheaper than renting
Mortgages cheaper than renting
Figures have shown that people paying off a mortgage are spending less every month than those renting.
Halifax found that the average mortgage for a three-bedroom house among those recently taken out is 600 per month – more than 100 cheaper than the average monthly rent.
People living in the same type of property but as tenants were paying 716 every month, figures which offer a timely boost for UK mortgages.
Mortgage holders in the capital were paying a tenth less than renters, the figures also showed.
The trend for mortgages being the cheaper option is a reversal on the situation four years ago, when people buying their own home were paying nearly a third more than those renting.
Back in 2008 the mortgage rate on a new deal averaged 5.75%. However, the historic low base rate of 0.5% has put paid to that, taking the average rate to 3.63% in 2011. The same three-year period also saw house prices drop by
4 in 10 fear they won’t be able to pay next fuel bill
More than four out of ten people are worried they will not be able to afford to pay their next fuel bill, according to Citizens Advice (CA).
The charity released the results of new research carried out to coincide with the launch of Big Energy Week which runs from today until January 21. The study found that 43% of homeowners are concerned about covering their next gas and electricity bill and that half of all respondents expect the price of fuel to put pressure on their finances over the coming year.
CA helped more than 96,000 people who got into difficulty with fuel debt last year, but found that as many as one in three bill payers was unaware that help such as insulation grants was available from power providers.
Gillian Guy, chief executive of Citizens Advice, said: “We know hikes in prices have put extra pressure on people’s budgets at a time when money is already tight. Day in day out our Bureaux helping people who can’t afford their fuel bills.
“We’re worried that some people are struggling unnecessarily… Continue To Read This Post..
Clegg calls for tax on mansions
Clegg calls for tax on mansions
People who own properties worth more than 2 million should face a mansion tax, the Deputy Prime Minister has said.
Nick Clegg said he wanted to see a new tax introduced on the highest-value homes in the UK property investment market.
He said: “I know the mansion tax is controversial, but who honestly believes it is right that an oligarch pays just double the council tax of an average homeowner even if their house is worth 100 times as much?
“And who seriously thinks we would kill aspiration through a levy on the 0.1% of the population who own 2 million homes?”
The move was among a series of measures proposed by the Liberal Democrat leader as he pledged to support faster tax cuts for low and middle-income earners.
He said he wants Chancellor George Osborne to introduce the planned income tax threshold of 10,000 more quickly than planned.
This will help to relieve the growing pressure on household
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