Credit Action News Round-up (27 September 2011)

One in four living in fear of their bills: A survey by moneysupermarket.com has revealed that over a quarter of UK adults are living in fear of their bills. According to the findings, 26% of people (equivalent to 13 million people nationwide) say that they instantly become stressed or worried once they receive a bill. The rising cost of living is a key driver of this. Of those who say they feel stressed once they receive a bill, 54% suggested that the biggest cause was the simple fact that, as bills keep going up, they struggle to know what these will cost and  how they will deal with them. Furthermore, moneysupermarket.com went on to suggest that 20% of UK adults are deliberately delaying opening and paying bills because they are too afraid to tackle them.

If you are in a situation where you are scared to deal with your bills you should seek help straight away – there are lots of organisations out there who are able to help you. Credit Action’s Moneymanuals provide guidance on dealing with your financial situations, and if you need debt advice you can contact the Consumer Credit Counselling Service on 0800 138 111. They offer free, independent and confidential advice about debt.

Almost a decade’s difference in average age of first-time house-buyers between areas of UK: A recent report from Halifax has revealed wide variations in the average age of buyers starting out on the housing ladder. The average age across the whole UK is 29. This age goes up by four years to 32 for first-time homebuyers in London; in Harrow, the average age is particularly high at 34. This is a whole 9 years older than the UK’s youngest first-time buyers in Selby in North Yorkshire where the average age is 25. The regions with the youngest first-time buyers are the North East, North West, Yorkshire and the Humber, Wales and Scotland which all have an average age of 28; the oldest are in London (32) and the South East (31). The areas with the youngest first-time buyers correlate to those areas where average house prices are low: Selby has an average house price of £114,113. In regions with the oldest first-time buyers, the average house price paid by first-time buyers is in excess of £224,000, 66% above the national average. The average age of first-time buyers has remained stable - in 1983, when Halifax records began, the age was just a year younger than today at 28.

Over a million UK households have insufficient life cover: Three quarters of Britons do not have enough life cover to clear their mortgage and other debts in the event of death, according to comparison website GoCompare. The survey revealed that the reasons behind UK adults not having sufficient financial protection and savings were cost and apathy. Jeremy Cryer, spokesman from Gocompare.com said that it is important to plan ahead, and pointed out that in the current protection market, people can purchase life insurance for as little as £10 a month. However when those surveyed were asked what they would do if they had an extra £10 a month to spend, 65% said they would rather play the National Lottery than buy life insurance.

Average lifetime cost of owning a pet can reach £17,000: The average lifetime cost of owning a dog stands at around £16,000, and the corresponding cost of a cat is around £17,000, according to research from Sainsbury’s Pet Insurance. The research found that food makes up around 33.7% of the average annual spend on a pet dog and 41% for a cat. Vet bills and medical treatment make up 15% and 13% respectively. Due to rising vet fees which are increasing by up to 15% a year, the costs of these bills are set to rise, according to the supermarket insurance providers.

Terraced house-prices rise 68% over decade: Strong demand for terraced houses has seen their value increase by £118 a week over the past ten years, according to research from Halifax Bank. The average price of terraced properties rose by 68.4% to £151,332 in the 10 years to the second quarter of 2011. This represents a larger increase than any other type of home. Bungalow prices rose from 67.9% to £187,167 and semi-detached properties rose by 62.4% to £164,970. Detached homes increased in value by 56% whilst the value of flats and maisonettes rose by 49% to £163,825. 

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