February 7th, 2024 | Andrew Hagger | News

According to research from Suffolk Building Society, over two-thirds (69%) of potential self builders do not know that some mortgage lenders will allow them to borrow to purchase land where planning permission has been granted.

Correspondingly, concern over financing a project was the number one barrier for those interested in self build: other concerns were around seeking planning permission and difficulties in finding suitable land.

The Society believes the lack of awareness about being able to borrow for land may discourage people from considering self build. Many incorrectly believe they either need to be sufficiently cash-rich to fund the land themselves before applying for a self build mortgage, or be gifted a plot from land-owning family members.

Suffolk Building Society is aiming to normalise self build and in doing so, wants more people to know that self-build is a viable option for those with modest budgets. Its recent research found that over half (54%) of those who are considering a self build at some point in the future believe that self build is still reserved only for the very wealthy.

Richard Norrington, Chief Executive at Suffolk Building Society said: “Self build television series undoubtedly make for great viewing, but they do set the bar remarkably high. One could easily assume that self build is only for those with unlimited time and deep pockets.

“Self build is considered a fairly standard route to homeownership in countries such as Hungary, France, and Sweden, and with better education and awareness, self build could become more mainstream here in the UK too.”

Numbers considering self build and reasons why

The cost of living crisis has not significantly dampened people’s appetite for self build: a third of people are still considering self build, which is only a small decrease from 35% last time the survey was undertaken in July 2020. The propensity to consider a self build decreases with age: younger people in their 20s (60%) and 30s (56%) are significantly more interested than those in their 50s (16%) and 60s (7%), dispelling the myth that self build is a project for retirement.

Of those considering self build, 31% would prefer to go for a completely new build, 27% said they would opt for a knockdown/rebuild project, and 21% said they would undertake a major renovation to an existing property.

The main motivation cited by over a quarter (28%) was the ability to design the layout of their own home, but this is a significant drop from 51% in 2020. There was a broader range of reasons evident in this year’s research including self building being a more affordable way of creating an ideal home (15%) and having a home in the right location (12%). One in ten (9%) of those considering a self build are doing so to create a home suitable for multiple generations under one roof.

Four in five (83%) want to make eco-friendly decisions about their future property. However, of these, seven in ten would only prioritise this if it was within their budget. Which is reflective of the current economic environment.

Self Build Register awareness

The Self-build and Custom Housebuilding Act 2015 requires each relevant local authority to keep a register of individuals who are seeking to acquire serviced plots of land in the authority’s area for their self build project.

Data published on 31 March 2023, showed a decline in individuals joining the Self Build Registers, which tallies with new research from Suffolk Building Society:

Only one in five potential self builders (21%) are signed up to the Self Build Register and 41% of those considering self build had not even heard of the Self Build Register.

Richard Norrington continued: “The National Custom and Self Build Association campaigned diligently for the Self Build Registers in a bid to facilitate a greater number of self build homes. But so far, this has not been realised. The Registers need promoting alongside resources that help people understand all that a self build entails, as, despite the current economic uncertainty, there is clearly still an appetite for self build.

“As a country, we need to normalise self build, encouraging regular people to build good homes, thus helping to reduce the housing shortage in the process and improving the collective carbon footprint of our housing stock.

“There are undoubtedly more hurdles in this process than in a standard house purchase – particularly at the moment with high labour and material costs. However, being able to design a property that meets your needs both in terms of function and aesthetics is hugely rewarding. We would like more people to know that some lenders are ready and willing to lend on land as well as for the build itself, and secondly, that self build is more accessible than they might have previously thought.”

February 7th, 2024 | Andrew Hagger | News

American Express has launched a limited time dining Offer helping its Gold Cardmembers earn boosted cashback when they eat out.

Over the next three months – 19 February to 19 May, 2024 – American Express Gold Cardmembers can earn 20% cashback, boosted from 10% in previous months, when spending at over 1,000 eligible restaurant locations or dining spots* across the UK. The amount of cashback that can be earned is unlimited, with no cap on the number of times – overall or per restaurant – Cardmembers can use the Offer.

The list of restaurants features a host of global cuisines including GBK, Carluccio’s, Honest Burgers, Gordon Ramsay, Sticks’N’Sushi, Soho Coffee Co., Hawksmoor, Gaucho and more**. A full list can be found here.

Other eligible American Express® Cardmembers*** can also earn when they dine, with 10% back for Platinum, Amex Cashback, Amex Cashback Everyday, and select business Cardmembers.

To redeem the Offer, Cardmembers simply need to save the offer to their Card via the Amex® App or online at americanexpress.com, where they can also browse dozens of other shopping, travel and entertainment offers. Eligible Cardmembers will see the Offer on display, with cashback being applied when they spend at participating restaurants.

Ricky Bonham, Vice President, American Express, commented: “We know our Amex® Gold Cardmembers want to get the most out of their spending, and particularly enjoy eating out with friends and family, so we believe our latest Offer will be particularly compelling. With over 1,000 restaurant locations to choose from, and a chunky 20% discount to be had, our Cardmembers will be able to benefit from enhanced savings when they dine out.”

February 5th, 2024 | Andrew Hagger | News

An extensive new study has revealed how driving a bit further and flying from an alternative airport nearby could help some flyers save cash on their parking. The biggest potential saving can be found in the capital, where nearly £70 can be cut by travelling from Heathrow rather than London City Airport.

The research, conducted by MyVoucherCodes, took the difference in average car park prices between closeby airports. Then, it subtracted the fuel costs of driving between them to find whether it would be worth making the extra journey to save on parking.

Parking at Heathrow costs an average of £85 less than at London City Airport, and the drive between the airports costs just £7.74 each way in fuel. Therefore, travellers would save £69.93 on parking by making the short trip to Heathrow and flying from there instead.

In fact, Londoners would be better off, in theory, driving to the other side of the country. Parking at Liverpool (the cheapest airport for parking) costs an average of £132 less than parking at London City Airport (the most expensive airport for parking). As driving the 450-mile round trip would cost just £57 in fuel, making the drive to fly from Liverpool instead would save travellers £75.

The research found that those in the midlands can also spend less using this tactic, as the short journey to East Midlands Airport from Birmingham gives a saving of £64. Similarly, travelling the extra distance from Manchester Airport to Liverpool will save holidaymakers £37.

Other ways to save on airport parking, according to the study, include booking far in advance and checking for voucher codes. It noted that while some car parks simply charge a flat fee across the year, many offered lower rates for bookings made further in advance – meaning that booking as early as possible gives a better chance of a lower price.[2]

The time of year travellers fly can also impact rates, as many car parks charge their highest fees during the peak summer months. Over a 13-month period, December 2024 was the cheapest month for airport parking, costing an average of £118.52 for two weeks.

In addition, it advised that park & ride car parks cost an average of £40 less than meet & greet, making them a cheaper option for those looking to cut costs.

Sarah-Jane Outten, savings expert at MyVoucherCodes, said: “It was really interesting to see how various factors can impact airport parking prices. Based on our figures, it’s clear that booking early, opting for park & ride, and checking for voucher codes can all give you a better chance of a low price. However, many car parks are priced differently, so getting the best rate may depend on the exact car park and airport you choose.

“It was also very eye-opening to see how prices for parking spaces can vary in different parts of the country. Many travellers can make a saving by driving a bit further and flying from a different airport that’s only a short distance away. Meanwhile, Londoners would technically be better off making the long trip up north rather than paying the sky-high prices of the capital.

“If you have a choice of airports for your selected destination, it can be worth checking how parking prices may vary between each. If the difference is bigger than the cost of driving there, then you might be better off making the extra trip.”

More tips on how to save on airport parking can be found on MyVoucherCodes’ website.

February 1st, 2024 | Andrew Hagger | News

Owners of off-the-road vehicles have been told that they could be sitting on a hidden fortune, as a new study has found that the UK’s SORN’d cars are worth a staggering £11.2 billion.

The research, compiled by Carwow, has combined Department for Transport and internal valuation data to reveal the untapped resale potential of cars declared SORN (Statutory Off Road Notification). This declaration tells the DVLA that the car won’t be used on the road.

It says there are now over three million cars with a SORN declaration in the UK, with an average value of around £3,264, equating to billions of pounds worth of off-the-road vehicles nationwide.

SORN’d cars range from worn-out rust buckets in need of repair to high-worth classics tucked away to preserve their value.

But, Carwow says that the average scrap value is just £275, meaning that even if every registered SORN car was only worthy of being scrapped, owners would still rake in a substantial £945 million.

Therefore, rather than leaving them on the driveway, owners of these vehicles could sell them on to get a cash boost during the financially challenging January period.

Latest figures from the DVLA show that just over a tenth of the UK’s licensed cars currently have a SORN declaration, a whopping 30% increase since 2018.

Northern Ireland has a higher proportion of SORN vehicles than any other UK country, with 22% of licensed cars here classified as SORN in 2023, a huge 51% jump over the same five-year period.

Estimated SORN value per region:

Overall, Northern Ireland has 219 off-the-road cars for every 1,000 licensed in the country. That means Northern Irish owners are the most likely to keep a registered SORN vehicle which translates to an estimated value of £740 million.

Comparatively, England demonstrates the lowest ratio, with just 90 SORNs for every 1,000 licensed cars.

However, with over 2.4 million off-the-road cars, England’s vehicle owners are still sitting on an estimated value of £8.1 billion, making up a massive 72% of the UK total.

Paul Barker, motoring expert at Carwow, said: “Looking at these numbers, it’s shocking to see the hidden value held in these out-of-use cars. If you’ve got one of these vehicles sitting idle in your garage, you might want to consider the opportunities available to you.

“Recent industry data shows that certain cars from the noughties have doubled in price. For example, a 2004 Vauxhall Corsa could be worth 94.4% more today than it was in 2019. So, it could pay to use a free online valuation calculator to check what your car is really worth.

“At Carwow, we have a specialist team for vehicles that are a little more unusual, such as classic and vintage cars. This team is available to help if the valuation doesn’t meet expectations or if we are unable to provide a value at the point of listing.

“With over three million SORN vehicles in the UK valued at more than £10.9 billion, these off-the-road cars hold a big opportunity for owners.

“The average value of one of these cars could also help towards a larger financial goal. It could be the chance for a fresh start, a new opportunity, or even just a little extra cash.”

More information can be found on the Carwow website.

January 30th, 2024 | Andrew Hagger | News

New research has found that vans make over 30 million toll road crossings a year, contributing a substantial £123 million to toll revenues. Major roads like the M6 mainline and M25 Dartford Crossing are the top earners, each raking in over £30 million annually from van toll charges.

The study, by Go.Compare Van Insurance, reviewed toll charges across the nation and the estimated number of crossings made by vans. It has revealed how much money van drivers are parting with on toll charges, and which toll roads are the most expensive for van users to cross.

Van charges for toll roads in England:

The most expensive toll charge is on the M6 mainline at a huge £15.30. Considering that around 9000 van users cross the M6 every day, this is a significant amount to fork out just to cross the 27-mile road.

The Mersey Tunnels are the second most expensive toll road, charging vans £4 to cross. Despite the charges being cheaper than the M6, vans use these roads more often than the M6, with over 13,000 crossings every day.

Revenue made by vans on toll roads in England:

The comparison site has revealed the daily and annual revenue that England’s most notorious toll crossings generate through van drivers alone. This highlights the significance of these routes for vans, despite the amount of cash it regularly costs them.

It may not come as a surprise that these hugely popular toll roads generate such a significant amount of revenue, as even smaller roads like the Clifton Suspension Bridge generate over £2,000 daily, adding up to £788,400 each year.

Tom Banks, motoring expert at Go.Compare, said: “Van drivers are really feeling the pinch when it comes to toll charges, especially with the hefty £15.30 fee for using the M6. Being aware of these costs is vital for van drivers, so they can plan their routes wisely.

“Van users may want to look into finding the best alternatives to using these roads if they’re frequent travellers. However, it’s important to be mindful of the additional fuel costs and mileage that come with these options. Van drivers should weigh the potential savings from avoiding toll charges against the possibility of elevated mileage and subsequent insurance costs.”

More information about the research can be found on Go.Compare’s website.

January 25th, 2024 | Andrew Hagger | News

Andy Wood, a finance expert from Tax Natives has revealed his top tips that could save you up to £5,000 by the end of 2024.

The Envelope Challenge

“Try the ‘Envelope Challenge’ for a simple saving technique. Label 100 envelopes with numbers from 1 to 100. Each week, randomly pick an envelope and save the amount written on it. It’s an engaging way to potentially save up to £5050 by the end of the year.”

The 1p Challenge

“The 1p Challenge is perfect for those who prefer gradual saving. Start by saving just 1 penny on the first day, and increase your saving by 1 penny each subsequent day.

“By the year’s end, you’ll have saved around £650.”

Cash Only Spending

“Go old-school with your spending. By only using cash for your weekly expenses, you physically see your expenditure, reducing the likelihood of impulsive purchases. This method also makes it easier to save any leftover change at the end of the week.”

Linking Savings to Bad Habits

“Combine saving money with kicking a bad habit. For instance, each time you resist a cigarette, if you’re trying to quit smoking, put that money into a jar. It’s a win-win strategy”

No-Spend Weekends:

“Implement ‘No-Spend Weekends’ where you only participate in free activities. This can significantly reduce your monthly expenses, and it encourages creativity in how you spend your leisure time.”

Shopping Hacks:

“Be vigilant with your shopping. Check your receipts for any discounts or multibuy savings and immediately transfer these savings to your account. Also, consider purchasing discounted and ‘wonky’ items to reduce grocery bills,” advises Andy Wood.

Being Open About Saving Goals:

Andy Wood emphasises the importance of community in saving, “Talk about your savings goals with friends and family. It creates a support network that can keep you accountable and motivated in your financial journey.”

January 24th, 2024 | Andrew Hagger | News

New research has revealed that London City Airport is the most expensive airport in the UK for parking. According to the figures, it costs an average of £213.14 for two weeks’ parking at the capital’s most central airport, making it the most expensive out of the country’s 19 busiest airports. [1]

The research, compiled by MyVoucherCodes, reviewed the costs for two weeks’ parking at over 140 car parks across the country’s 19 busiest airports. It found that, over 13 months, London City Airport had the highest average price for a parking space at the airport.

The other airports in the capital also proved to be particularly costly for those needing to park their car, as all five of London’s major airports ranked in the top 10. Heathrow was the least expensive of these, costing an average of £127.99, over £80 less.

In fact, airport parking in London was noticeably more expensive than elsewhere in the country. The average cost of an airport parking spot in London was found to be £166.44, whereas the average for the rest of the UK was only £123.52 – a difference of £43.

The 10 most expensive airports for car parking in the UK can be found below:

This trend continues across the south of the country, as the figures showed a clear north-south divide in airport parking fees. Only one northern airport ranked among the 10 most expensive to park at, with Manchester Airport costing an average of £125.44 for two weeks, making it the tenth most expensive overall.

It also revealed that airport parking is more expensive in England than in Scotland. The average cost for a parking space north of the border is £101.15, while, in comparison, the average price in England is £144.95 – a whole £43.80 more.

On the other end of the scale, Liverpool was found to be the cheapest place for airport parking out of the UK’s biggest airports. Parking for a fortnight at Liverpool John Lennon Airport costs an average of just £80.46 – over £130 less than the average parking price at London City Airport. Glasgow (£87.08), East Midlands (£101.76) and Edinburgh (£104.43) also boasted some of the lowest average prices for parking.

Sarah-Jane Outten, savings expert at MyVoucherCodes, said: “There’s a clear difference in what flyers are paying for their airport parking across the country. Those in the south are being hit with particularly pricey rates, while travellers departing from Liverpool are enjoying some of the lowest prices available out of the nation’s biggest airports.

“Airport parking can be costly, giving travellers all the more reason to find ways to save where they can. Park & ride and off-airport car parks tend to be the cheapest, so consider booking a space at one of these if you want to cut costs. Also, some car parks were cheaper if you booked further in advance, so it can be worth booking sooner rather than later if you can.”

“Plus, while it’s not one of the categories vouchers are used the most on, many airport car parks offer discount codes for their spaces. So, it’s worth checking if any deals are available for car parks at your departure airport before finalising your booking.”

More information about the costs of airport parking, including tips on how to save, can be found on MyVoucherCodes’ website.

January 10th, 2024 | Andrew Hagger | News

New research from Go.Compare has found that the financial hangover of last year is set to last throughout 2024 for millions of people.

Go.Compare’s latest New Year’s Resolutions Tracker has uncovered the nation’s biggest cash flow concerns, and the steps Brits will be taking to regain control of their outgoings.

The comparison website’s survey of over 2,000 UK adults reveals that a third (33%) anticipate 2024 to be a very difficult year for their finances, with debts and bill payments among people’s main concerns, with the rise in the cost-of-living topping the list of financial fears in 2024.

A further 14%  of Brits have carried credit card balance over from 2023 and expect to have this debt for the entirety of this year, and housing costs are also a significant worry for many people as 10% of tenants and one in fourteen homeowners are worried about keeping up with their rent and mortgage payments.

These anxieties will see almost one in 10 people turning to friends and family for financial support.

Matt Sanders, head of money at Go.Compare, commented:

“Our research shows that a significant portion of the population are grappling with their finances, from managing household debts to meeting basic living expenses. It’s particularly concerning to see such high levels of apprehension about credit card balances, rent, and mortgage payments, which are fundamental aspects of financial stability.

“However, it’s encouraging that most Brits are taking steps to cut costs and reduce debts. This shift towards more prudent budgeting is essential for financial well-being.

“As a minimum, people should look at their outgoings and cut what they no longer need – for example, subscriptions and memberships that aren’t being used – and identify opportunities to reduce the cost of essential services and debt repayments.

“For example, switching to an interest-free credit card, shopping around for better-value insurance, or refinancing expensive debts can free-up hundreds of pounds.

“But most importantly, if you are concerned about any debts or outstanding balances, contact your provider about a payment plan. Banks, lenders and other suppliers are more likely to be able to help you if you speak to them as soon as possible. You can also contact a debt charity, such as the Money Helper (formerly the Money Advice Service), who will help you make a plan to get debt free.”

For more information about reducing outgoings and other practical money saving guidance, visit: https://www.gocompare.com/savings/money-saving-tips/.

January 9th, 2024 | Andrew Hagger | Uncategorized

The Association of British Insurers (ABI) urges households not to be caught out by the distress and expense of frozen or burst pipes as the cold snap takes charge.

A cold winter snap can lead to a surge in pipe problems – our members paid out an estimated £804 million in 2022 for issues related to burst pipes in people’s homes.

The average cost of burst pipe damage can run into tens of thousands of pounds and can cause significant disruption and serious damage to properties, even if only a minor rupture.

Louise Clark, General Insurance Policy Adviser, said: 

“As the cold snap bites and temperatures plummet, taking a few simple measures can reduce the disruption, distress and expense caused by frozen or burst pipes this winter, while keeping your heating bills as manageable as possible. Of course, insurers are poised to help if the worst happens but prevention is always better than cure.”

To reduce the risk of frozen pipes this winter, we recommend:

• Taking some simple steps like insulating water pipes and water tanks in the loft, using draught excluders around doors can help keep your home warm and reduce energy bills. More information here: https://energysavingtrust.org.uk/
• If you have a smart thermostat, most will have an anti-frost setting to keep your home heated to a very minimal temperature that will stop pipes from freezing. If you do not have a smart meter, most radiators will have a setting with a snowflake symbol – turn to this setting to allow minimal water flow between pipes and radiators to prevent freezing. Consider setting the heating on a timer if you are going away.
• Know where your stopcock, that turns off the incoming water supply, is and test that it works. It is usually found under the kitchen sink. If you cannot locate it ask a neighbour or seek advice from an approved plumber.
• If you are going on holiday, or leaving your home unoccupied, consider turning off the water at the stopcock to reduce the risk of pipes freezing and bursting. See below on if your home is unoccupied.
• Repair any dripping taps. This will help prevent water from freezing.

If your pipes freeze, our advice is to:

• Immediately turn the water mains off via the stopcock. Wait for the pipes to warm up or you can try and thaw them with a hot water bottle.
• Do not attempt to dislodge the ice using a hammer or melt it with a blow torch. It is highly likely that this will cause more damage.
• Move any possessions, such as furniture or clothing, which are near frozen pipes in case the pipe bursts.

If your pipe bursts, we advise:

• Turn off the water at the stopcock. Switch off central heating and any other water heating installations. Open all taps to drain the system.
• Move any possessions, such as furniture or clothing, to prevent further damage to property.
• In both instances, contact your insurer straight away to seek advice, many insurers operate 24-hour helplines. They will advise on next steps and help to arrange professional repairs to be carried out.

If you plan to leave your home unoccupied check your home insurance policy to see if there are any restrictions in cover or specific requirements if your home is left unoccupied for more than a specified period of time, such as 30 days or more.

Heating your home safely. Open fires and candles may seem like a good way to keep your heating bills down, but they will significantly increase the risk of home and possessions being damaged or destroyed by fire. https://www.london-fire.gov.uk/safety/the-home/candles/

If using an open fireplace, ensure that the chimney and flues are inspected by a specialist and cleaned if they have not been used for some time. Make sure you use a fireguard.

Your local fire brigade should be able to give you some advice about heating your home safely.

January 2nd, 2024 | Andrew Hagger | News

 American Express this week released its latest Amex Trendex report, focusing on New Year’s resolutions for 2024. According to UK data, 65% of Brits are likely to set New Year’s resolutions for 2024.

17% of Brits say they typically stick to their resolution for the whole year, lower than the global figure of 26%. 7% of UK respondents tend to only keep up their resolutions for the first week of January, while a further 18% will abandon them before the end of January.

Physical wellness is the top focus for resolutions, with 56% of UK respondents focusing on this, followed by 45% focusing on personal finance and 32% on mental wellness.

Physical and mental wellness

Quality of life was seen as an important factor in setting health and wellness resolutions this year. 79% of Brits said they were setting physical and mental wellness resolutions as they wanted to be healthier, 67% are looking to better their quality of life and 63% are aiming to improve their mental health.

In order to realise their physical wellness resolutions, 78% of UK respondents indicate they plan to eat healthier, while 68% say they want to focus on outdoor activities. Drinking less alcohol came in at number three for physical wellness resolutions with 35% saying they want to prioritise drinking less this year.

Unsurprisingly getting a gym membership (28%) and joining in-person fitness studios (19%), offering classes such as yoga, pilates or spin classes, were also amongst the top ways Brits plan to realise their physical wellness resolutions.

Of the 19% of respondents who are focusing on spa or health regimens, infrared saunas (36%), sound baths (31%), and gua sha facials (28%) were popular options.

Personal Finance

Brits are also prioritising personal finance in 2024 with 45% factoring it in to their New Year’s resolutions. 50% are doing this to be financially independent and empowered. 42% want to focus on their personal finance goals as they’re saving for a holiday, while 28% said it was because they’re saving for a house.