MONEY MORSELS
Property wealth
THE value of Britain’s housing wealth has passed £6 trillion, according to new research by Halifax. In the past ten years, the value of all of Britain’s homes has grown by nearly £2 trillion — and £376 billion in the past year. The average homeowner has seen their property increase by £70,000 in the past decade, to £256,912.
Dumb meters
ENERGY suppliers won’t be forced to offer smart meters that let you switch suppliers until 2019. Millions of homes have been given so-called first- generation smart meters, which only provide minute-byminute energy usage data if you stick with the supplier that installs them. Newer meters keep working after you switch. Under Government plans, firms will be allowed to keep installing a limited number of first-generation meters until 2019.
Loan cost rise
BANKS are hiking their personal loan rates. Four top providers including M&S, Sainsbury’s, TSB and Clydesdale Bank were offering 2.8 pc or 2.9 pc on a £10,000 loan at the start of November, but they’ve hiked their rates to as much as 3.6 pc.
Mobile advert fees
SMARTPHONE users are being caught out by internet adverts that charge you when you click on them. Under so- called operator billing, advertisers can automatically add an amount such as £3 to your phone bill. The number of companies using this ploy has risen by 31 pc in a year, according to the Phone-paid Services Authority.
Christmas cuts
ALMOST four in ten grandparents cut back on essentials such as heating to help their families at Christmas. Research by The Centre for the Modern Family, an independent think-tank funded by insurer Scottish Widows, says they will spend £932 million this year at an average of £550 each.
Gift allowances
PEOPLE should check their tax allowances before gifting money this Christmas. Individuals can give away up to £3,000 each year with no tax implications. Up to £250 can be given to any individual without eating into that allowance, and parents and grandparents can make additional one- off gifts of £5,000 and £2,500 respectively if it’s related to a marriage or civil partnership of a child or grandchild. Gifts which exceed these limits may be subject to tax up to 40 pc. Check the allowances at gov.uk.
Bespoke cover
NATIONWIDE is offering ‘build your own’ home insurance which allows homeowners to choose the features they need. It comes with unlimited buildings cover and £50,000 contents cover. Customers can add bolt-on cover for gardens, bikes, emergencies and protection while out of the home. There is no added fee for customers who pay premiums monthly.