Savings: Savers stash more cash, despite low interest rates

Savers suffer as savings accounts are withdrawn_istockphotoA new report has found balances in UK savings accounts have risen by 5.5% over the past year, despite best buy savings interest rates  plummeting. Even though stock markets have risen significantly over recent months, the figures from the British Bankers Association (BBA), clearly demonstrate the desire for capital security is still uppermost in saver’s minds. It is also clear that interest rates are not yet at a level where the majority of savers are tempted to become ...

Housing & mortgage round up: Confusing mortgage and sales data released, whilst Santander anger customers

Housing & mortgage round upNo house prices surveys this week but still plenty of mortgage and housing news for you to catch up on. This week saw yet more confusing data announced, with reports that mortgage lending jumped in July, whilst the number of house sales fell. Santander angered many customers by announcing that they will be following the lead of other mortgage lenders and increasing their Standard Variable Rate, whilst a rise in mortgage fraud has been reported by Experian....

Housing & mortgage round up: House prices creep up, house sales rise but mortgage approvals slump

Housing & mortgage round upWe knew the absence of house price surveys wouldn’t last long and this week sees the Land Registry release their latest house price data, whilst we also get figures showing mortgage approvals have slumped, despite a rise in the number of house sales during the first half of the year. Land Registry: House prices creep up in May The latest figures from the Land Registry show that house prices rose by just 0.1% in June compared to ...

Savings levels hit by higher cost of living

New data from the British Bankers Association (BBA) shows that savings levels have fallen in the first six months of 2011 compared to the same time period last year. The figures show that personal savings and deposits rose in the first half of 2011 by £6.1billion, less than half of the £15.9 billion rise for the same period last year. Reasons The significant slowdown in the rate of saving is being mainly attributed to rising living costs, particularly gas and electricity prices. The cost of running a car has also increased significantly with fuel prices rising during the first half of the year. The BBA ...