POUND NOTES
Two-fifths (41%) of families say their financial wellbeing is worse than it was during the “pre-pandemic Christmas” of 2019, according to comparethemarket.com’s household financial confidence tracker.
And nearly a quarter (23%) of households with children living at home expect to spend less this Christmas compared with last year, amid surging bills and the ongoing impact of coronavirus.
The findings come as the Office for National Statistics (ONS) revealed that the rate of Consumer Prices Index (CPI) inflation rose from 4.2% in October to 5.1% in November – the highest level in more than a decade and a bigger leap than feared.
Ursula Gibbs, director at comparethemarket.com, said: “Rising living and energy costs are a worry for many households across the UK right now, especially for those with dependants at home.
“With uncertainty around inflation rising, many are taking a prudent approach by spending less this Christmas. However, what is concerning is how some families may be relying on additional funding to cover the costs.”
The average UK house price was £3,000 lower in October than the record high reached the previous month, according to official figures.
The typical property value in October was £268,000, down from a peak of £271,000 in September, the Office for National Statistics (ONS) said.
The stamp duty holiday in England and Northern Ireland, which had sparked a rush of buyers, ended in October.
Despite the fall, the average house price was still £24,000 higher than a year earlier.
Average house prices in Wales increased over the year to a record level of £203,000 (15.5% annual growth), and in England to £285,000 (9.8%).