Summer has finally arrived in London, and it looks like we can confidently say that we've learned to live with Covid 19 after two and a half years. Parks and outdoor pub gardens are packed everywhere in the capital, with residents enjoying the great weather. International travels are now fully reopened in all destinations: most airlines no longer require wearing masks or proof of vaccination, and hotel resorts are fully booked with holidaymakers.
Although that is great news for every country, that is not all pink and rosy as we are all experiencing the cost of living going up. Sadly, there has been an avalanche of unfortunate events one after another. The war in Ukraine triggered a domino effect pushing up the energy prices and inflation to extreme levels worldwide. In the UK, inflation hit 40 years high, the energy bills rose by 9%, and fuel, food, clothing, hotel, and restaurant prices are also going up.
We are sharing some saving tips from Martin Lewis Money Saving Expert that will hopefully help you manage your expenses better and keep some money in the piggy bank.
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Did you know you could be eligible for a refund of overpayments and lower bills if you've paid for sewerage services you're not getting? >>> Read More
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Check if you are in the correct Council Tax band, because you could be overpaying thousands if you are in the wrong category.
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Did you know that buying through an app can be significantly cheaper than buying online? Click Here to see deals, offers, and discounts
The housing market is also feeling the effect of inflation. According to Rightmove, the price of property coming to market hits a new record high for the third consecutive month, up by 1.6% (+£5,537) to £360,101.
Interest rates have been raised from 0.75% to 1% - their highest level for 13 years. Brokers said demand for purchase as well as remortgage deals remained high after a big surge in activity last year. Nicholas Mendes, mortgage technical manager at broker John Charcol, said: "With several lenders, affordability is based on income rather than considerations in the costs of living. But, as the costs continue to escalate, we could see lenders exercise caution and start to consider other factors to ensure the mortgage remains affordable."
Rightmove data shows that flats are the most in-demand property type. 3-bedroom flats are now much more sought-after than 3-bedroom houses, suggesting that while buyers might be looking for an extra room to work in, they're balancing this with better affordability that comes with a flat search.
If you are thinking of putting your property on the market or are just interested in finding out the value of your home, call us now for a FREE no-obligation market appraisal +44 (0)20 7723 5645 or email marketing@fraser.uk.com
Source
ONS
Consumer Price Inflation
BBC
UK Inflation
Interest Rates
Rightmove
Housing Market
House Price Index
Money Saving Expert
How to check and challenge incorrect water bills
12 ways to save you can only do with apps
Council Tax Band
Financial Times
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