April 30th, 2024 | Andrew Hagger | News

ecent research by Hodge reveals the dream of getting married can come with a hefty price tag, reaching more than £20,000.

Hodge dived into the averages of how much each part of a wedding costs, revealing that food and the honeymoon were the two most expensive parts.

Average cost of getting married

When it comes to wedding attire, couples spare no expense to look their best on their special day. According to Hodge’s research, the average cost of wedding outfits in the UK is substantial.

For instance, the engagement ring alone sets couples back around £1,948 on average, surpassing even the cost of the bride’s dress, which averages £1,500. But, the wedding bands cost substantially less, on average couples only spend £1,000 for both rings.

Meanwhile, grooms tend to spend less on their attire, with an average expenditure of £900 per suit. However, when factoring in the costs of bridesmaids’ dresses at approximately £80 each and groomsmen’s suits at around £150, outfit expenses can quickly accumulate, totalling up to £3,500 based on a party of five bridesmaids and five groomsmen. ²

Some like to make a grand entrance on their big day, arriving in classic cars, limousines, or even romantic horse-drawn carriages. However, these luxuries come with a price tag, with the average cost of wedding transportation in the UK amounting to around £700.

Depending on the number of guests you have this can be the most expensive part of the wedding, for example, if you were to feed 150 people, this could cost you up to £6,000.

The Maldives, Amalfi Coast, Thailand, Greece and Bali are some of the most popular honeymoon destinations. However, it turns out that couples spent on average £4,329 on their honeymoon³, which is more than £3,500, on average, more than a week away for a couple in summer.⁴

Wedding Planner, Emma Segal at The Bijou Studio shares tips on how to have the wedding of dreams on a smaller budget.

1. Don’t succumb to the pressure of thinking that you have to have everything that a wedding is ‘supposed’ to have in order to make it special. It’s your wedding so do it YOUR way. Decide on your priorities, likes and dislikes and stick to them. Doing a smaller number of things well, rather than trying to stretch your budget to do ‘everything’ will be more impactful.
2. Think seasonal, and where possible local, when it comes to flowers and food (and as many of your suppliers as possible). For example, peonies might be your favourite flower but importing them from the other side of the world for your Autumn wedding is not going to keep you on budget! Not only are seasonal choices more sustainable, they will be more cost-effective, too.
3. Plan your wedding so items can be repurposed throughout the day. For example, if you want a large floral backdrop for your ceremony, work with your florist to design it in such a way that it becomes something else. Maybe it can be tweaked to be a fun photo booth or DJ backdrop, or maybe the flowers are then used to decorate the dining tables.
4. If you genuinely enjoy being crafty and creative, then there are so many things you could make yourself to add a personal touch to your wedding – stationery such as menus and name places is always a good one. I would, however, strongly advise against doing anything on the day of the wedding itself – no amount of money-saving is worth stressing yourself out on the day or day before. I’ve seen brides that have decided to make their own cakes or do their own flowers and it has never ended well…!
5. Be selective with your guestlist. When you work out the per-head cost of your guests, you realise how expensive it really is! Do you honestly want to spend that amount inviting your old neighbours or colleagues who you haven’t seen for a few years? Possibly not…

If you have a couple of years to plan your nuptials, you might want to consider opening an ISA where you can earn interest on your savings, with the average interest rate sitting at 4.52%.

April 22nd, 2024 | Andrew Hagger | News

Understanding stamp duty, also known as Stamp Duty Land Tax (SDLT), is crucial when budgeting for your house purchase.

This tax applies to most property purchases in England and Northern Ireland (different rules apply in Scotland and Wales), and it can be a significant cost on top of the purchase price. It applies to purchase of all kinds of properties including new build homes and older structures.

Some exceptions apply depending on your purchasing status, however, so understanding your obligations is key.

What is stamp duty?

Stamp duty is a tax levied by the UK government on property purchases above a certain threshold. It’s a tiered system, meaning you pay a different rate of tax depending on how much the property costs. The more expensive the property, the higher the overall amount of stamp duty you’ll pay.

How is it calculated?

The current stamp duty rates can be found on the HMRC website. These rates are for residential properties in England and Northern Ireland. There are different rates for additional properties, buy-to-let investments, and commercial properties.

For residential properties, there are currently no stamp duty charges for the first £250,000 of the purchase price. Above this threshold, tax is applied in slices. For example, on a property costing £300,000, you would pay 0% tax on the first £250,000 and 5% tax on the remaining £50,000 (£2,500).

There are also some additional considerations if you’re already a homeowner and buying an additional property (such as a buy-to-let investment). You’ll pay a higher rate of stamp duty from the very first pound.

What are the exceptions?

There are a few exceptions to stamp duty:

• Properties under £250,000: As mentioned earlier, there’s currently no stamp duty charge on the first £250,000 of a residential property purchase.
• First-time buyer relief: First-time buyers won’t pay any stamp duty on the first £425,000 of the purchase price.
• Shared ownership: You may not have to pay stamp duty on shared ownership purchases, depending on the share you’re buying.
• Inheriting property: If you inherit a property, you generally won’t pay stamp duty, although there may be inheritance tax implications.

It’s always best to consult with a solicitor to determine if any exemptions apply to your specific situation.

When do I pay stamp duty?

You typically have 14 days after the completion of your property purchase to file a stamp duty land tax return and pay any tax due. Your solicitor or conveyancer will usually handle this process for you, calculating the amount owed and submitting the return to HMRC on your behalf.

Missing the 14-day deadline could result in penalties and interest charges.

The bottom line

Understanding stamp duty is an essential part of planning your house purchase finances. By familiarising yourself with the rates, exemptions, and deadlines, you can ensure a smooth and financially sound buying experience. You’ll also benefit from additional clarity on any equity or ongoing budget you will have to use on renovating your property.

April 22nd, 2024 | Andrew Hagger | News

Looking to increase profitability for your bar or pub?

Amid the cost-of-living crisis, predicting demand can feel almost impossible. Whether you run a gourmet gastropub or an independent tapas bar, it’s worth knowing about some of the most effective ways to guarantee a consistent revenue stream. We’ve outlined five of our top picks below.

Spot cost-saving opportunities

Reduced expenses can lead to increased revenue, so it’s worth being prudent.

Basic energy-efficiency improvements could make a surprising difference to overall running costs. Try to choose energy-saving LED bulbs for the accent lighting used in your pub; not only is LED lighting cheaper to buy and run but it lasts much longer than halogen options.

Automatic lighting is recommended for the customer toilets, which need not be illuminated when not in use. As for your products, try to audit regularly and remove any stock that doesn’t sell as often as you’d like.

Set up promotions

From one-off discounts to special offers on certain days, incentivising your customers could pay dividends. From happy hour to 2-for-1 burger Thursdays, you should carefully construe offers in line with customer preferences and local demand.

Increasingly, top pubs and restaurants are using dynamic pricing to capitalise on peak periods and maximise revenues. If you plan to put higher prices in place on weekends and Fridays, it could be worth strategically planning your promotions so that your team still benefits from the price hikes.

Advertise!

To get people into your pub, they need to know it’s there!

You don’t have to spend much money to advertise effectively. Leverage the power of social media to raise awareness of your brand and get people into your pub. Whether your focus is on customer retention or welcoming new faces, make sure to put time and effort into your online marketing strategies.

On channels like Facebook and Instagram for Business, you can promote your pub and get more people through the doors. From running competitions to providing menu updates – with irresistible photographic evidence – you’ll get your work into the public eye.

Revise your menu

If you serve food, it could be time to revisit your menu and refresh some of your offerings in line with current demand. Small plates are trendy and could also make your menu more accessible for those struggling with their budget amid the cost-of-living crisis.

Customers seeking a gastropub experience often favour smaller menus with select dishes. Pay close attention to the quality and origins of the food you serve.

Using locally sourced ingredients bolsters your relationship with suppliers, opening further opportunities for local and regional trade. If you do find yourself engaging with new suppliers, you might find it a good time to review your pub insurance needs so that you’re ready for unforeseen circumstances.

Boost your reviews

Finally, in the digital age, it’s crucial to remember that reviews are integral to your success.

Ensure that your business has an easily recognisable profile on popular review platforms like Tripadvisor and Google Maps. Its location should also be geographically accurate to make sure that your customers can find you without hassle!

At the end of each customer meal, politely asking for online feedback could increase your chances of building a positive review portfolio. For those who check reviews, your rating could be the most influential factor in the final decision between your business and that of a competitor.

April 19th, 2024 | Andrew Hagger | News

What is the gender pay gap?

A regular feature in the news, the gender pay gap is the average difference in wages for working men and women. In most scenarios, women are found to be paid less per hour than men.

Since 2017, companies with more than 250 employees have been legally obligated to report their gender pay gap data and publish this on their websites in areas that are easily accessible.

Organisations sometimes factor in considerations such as education, experience and job title to calculate a figure known as the ‘adjusted gender pay gap’. Although this usually reduces the percentage difference, more often than not it reveals ingrained gender bias and suggests that women are paid less than men in the same roles.

What causes the gender pay gap?

Under the 2010 Equality Act, employers are legally obligated to pay men and women equally for work of the same value. So, why is there a difference in average remuneration based on sex?

• Child-related career breaks

Women are far more likely to have child-related career breaks which slows their professional progression.

• More unpaid work

On average, women do more unpaid work such as housework and childcare than men. This limits how much time they can commit to a job and, as a result, often involves them working part-time.

• Fewer female managers

Across the board, there are fewer female managers. To add insult to injury,  women in senior positions tend to earn significantly less than their male counterparts.

• Overrepresentation in low-paying sectors

Although the number of women in high-paying sectors such as science and technology is increasing, there is a disproportionate number of women in low-paying sectors like care and education.

The latest statistics

According to the Office for National Statistics (ONS), the gender pay gap in the UK was 7.7% for full-time employees in 2023. Among all employees (including part-time workers), the percentage difference was almost double at 14.3%.

The gender pay gap among full-time employees is higher everywhere in England from Liverpool to London when compared to Wales, Scotland and Northern Ireland.

When compared to previous data, the latest figures show that the gap is slowly closing. However, there are still clear cases of hiring bias, unfair structuring and workarounds that allow businesses to forgo fair pay for women in senior positions.

How to reduce your gender pay gap

Closing the gender pay gap in your business might take time, but there are several measures you can take to minimise it.

Begin by hiring help such as a professional bookkeeper for business advice relating to your salaries and a solicitor to check that you’re compliant with the 2010 Equality Act. This will ensure you’re adhering to basic standards and help you to identify areas where there may be misconduct.

You can also look into restructuring your business to include more women in senior positions. Giving the option of extended paternity leave is also a great way to ensure that childcare responsibilities can be split evenly between women and men committed to maintaining full-time careers.

April 16th, 2024 | Andrew Hagger | News

Santander has launched a prize draw for new and existing customers investing through the Santander Investment Hub, with customers who invest at least £1,000 able to win back their investment up to a maximum of £20,000. Three lucky winners will be selected monthly across April, May and June 2024.

To qualify for entry into the prize draw, new and existing Santander Investment Hub customers¹ must invest at least £1,000, in April, May or June 2024, as a lump sum or by regular Direct Debit into a new or existing Santander Investment Hub account. The investment can be into our Stocks and Shares ISA or Investment Account. Eligible customers will be automatically entered into the prize draw and the monthly winner will be randomly selected and notified by phone or email. ² 

Alexia Kilby, Head of Wealth Propositions at Santander UK, commented: “This latest exciting prize draw is yet another reason to seize the moment and make the most of this financial year by investing in our Stocks and Shares ISA or opening one with Santander.  Whether customers are new to investing or already have a healthy investment pot, our intuitive Investment Hub makes investing simple and straightforward.”

Customers can choose to invest online through the Investment Hub by making their own investment decisions; using Santander’s Digital Investment Adviser; or by arranging an appointment with one of the bank’s advisers (eligibility criteria apply). Customers can pick from over 850 investments funds from across the market, including a range of responsible and sustainable funds.

In addition, Santander offers a Savings and Investments Calculator which enables potential investors to see comparative predicted returns on their money for savings or investment options and the relative risks of both.

April 15th, 2024 | Andrew Hagger | News

Struggling to push through to payday? If so, you’re not alone. Thousands of workers across the UK are searching for additional streams of income and taking on second jobs. Amid the cost-of-living crisis, it’s worth holding onto your cash wherever possible.

Whether you’re working towards a savings goal, or you just need more cash, it’s worth learning some of the best tips and tricks to make your money go further.

5 ways to make your monthly pay last longer

1. Keep track of your spending

Firstly, it’s important to keep an eye on your outgoings and incomings too.

Using an online banking app like Monzo or Starling could give you real-time updates, spending reports and even notifications when you use your debit card either in person or online. If there’s anything that simplifies the process for you, take advantage of it!

Old-fashioned methods are just as effective. Keeping hold of your receipts or jotting down your spending in a notepad or calendar could give you a very useful visual understanding of where your money goes each month. From there, you can spot opportunities to save.

2. Save, if you can

Saving every month is a luxury in the cost-of-living crisis, but there are ways to make the process easier. Whether you open an easy-access savings account or opt for fixed rate bonds instead, simply opening a dedicated account could motivate you to kickstart the savings habit.

If you’ve got some wiggle room within your budget, it’s worth trying to save. It doesn’t matter how small you start out: over time, every effort you make will soon add up. You might be surprised by how much you could save in just a few months.

3. Think about investing

If you already have some money saved, it could be worth investing some to accumulate greater capital over time. Investing for the first time might feel daunting, especially if you’re not familiar with typical trading websites, strategies, and technical terms.

By using an accessible online trading platform, you could start stock trading at your own pace. There’s no set amount of money needed to start trading, since costs vary depending on the total value of investments required. These are decided by the brokerages, but could include stocks, bonds, cash, or partnership interests.

4. Unsubscribe

Next, if you’ve had that gym membership that you don’t use, it’s time to cancel it and make better use of your money. Likewise, if you’ve got a streaming subscription that you don’t use, it might be time to let go.

There’s no shame in purging your neglected subscriptions – and it’s certain that you could be better off after doing so. Try to limit unnecessary financial commitments or rolling monthly commitments, especially if you’re pressured by someone else.

5. Pay off your debt

Lastly, it’s never worth ignoring your debt when you’re trying to get through the month. Outstanding payments will only add more pressure to your budget and a weight on your shoulders too. Without that burden, you can focus on your current spending and future goals.

Talk to your bank or get in touch with a financial advisor if you’re struggling with debt. The sooner you can get things back under control, the sooner you can start making your monthly pay last longer.

April 8th, 2024 | Andrew Hagger | News

In 2023, millions of UK adults have been the target of fraudulent activity, with scams costing Brits a whopping £580m within the first six months of the year.

With an increase in fraudulent conduct across the country, it’s important for consumers to be vigilant at all times to avoid losing money.

This is specifically true when it comes to taking out car insurance. As the value of motors continues to rise, the higher price tags are fuelling fraudsters to trick people with alluring, budget-friendly scams.

Johnathan Such, head of sales at vehicle finance company First Response Finance, said: “From predatory lending schemes to identity theft, fraudsters are always coming up with new ways and tactics to gain money illicitly.

“No matter how financially savvy you are, anyone can fall victim to scammers, especially with the current cost of living crisis causing even the most sensible of judgements to slip.

“But with a few tips in mind, such as doing your research and verifying the legitimacy of car finance providers, you can ensure you’re always as wary and alert as can be.”

So, what are the red flags to watch out for when securing vehicle financing, and how can you prevent unwanted surprises?

Unrealistic offers

Unrealistic offers, including very low interest rates and lenient approval terms, should always raise alarm bells. Does a loan offer sound too good to be true? Then, unfortunately, it probably is.

Fraudsters might tempt you with an appealing offer that – at first glance – sounds way more affordable or convenient than those provided by reputable lenders. This is an easy tactic to lure consumers in, as you’ll be presented with a pocket-friendly solution that hides unsustainable terms and secret fees.

Top tip: “One of the best ways to avoid falling into the trap of unrealistic offers is to do plenty of research beforehand and compare your options,” Such explained. “In fact, having a broader idea of what reputable lenders in the car finance market are offering will allow you to identify plans that don’t look too legitimate.

“Also, if you are considering a very advantageous offer, getting the lender to put everything in writing is crucial. If the lender has honest intentions, they will have no trouble outlining the plan’s specifics on paper, eliminating the risk of fraudulent surprises in the long run.

“If they hesitate or are very vague in their wording, don’t commit to anything – it’s best to simply walk away.”

Upfront fees

Generally speaking, reliable lenders don’t ask for upfront fees when you take out car finance. If they do, they might have a policy that grants you a full refund should you decide to cancel the arrangement within a specific timeframe.

Scammers might ask for advance fees to cover loan and insurance costs without even bothering with credit checks or loan approval schemes.

In this scenario, you can expect to lose the money and never hear back from the illicit provider. And if they ask for your credit card details, it could even lead to more serious problems.

Top tip: If you’re asked to pay a sum of money to access your car finance loan, always read the small print before sending over any funds.

Should a reliable lender require an upfront fee to ‘unlock’ your loan, they’ll be very transparent about the charges, providing you with a detailed breakdown explaining their purpose.

If you still don’t feel comfortable making the payment or can’t cover the expenses yet, it’s completely fine. Just browse for other lenders that better suit your needs.

Rushing you into making a decision

Another common fraudulent tactic is to pressurise customers into making a rushed, impulsive decision.

For example, scammers might emphasise that they’re providing you with a time-sensitive, exclusive offer that needs to be accepted as soon as possible, forcing you to commit to their fraudulent proposal.

Reputable lenders, instead, will take a slower approach. They’ll provide you with plenty of time to review the agreement and encourage you to ask any questions you may have. They’ll also carry out some checks before finalising the deal, so be cautious when a lender tries to rush you into making a decision.

Top tip: “Buying a car and taking out a loan to cover the expenses is a significant commitment,” Such said. “Legitimate lenders understand that and would never put pressure on their customers to commit to a deal until they are happy and comfortable.

“So, if you feel like you’re being pressurised into accepting an offer, try to keep a cool head and take a step back. If you’ve not been given the time to review all the options and paperwork, then there might be something that’s not quite right.”

Unlicensed lender

Taking out a car loan from an unlicensed lender can be extremely risky. In fact, as opposed to licensed loan providers, they aren’t subject to specific regulations that protect the customer’s interests, increasing the risk of fraud.

Unlicensed lenders are freer to carry out their illicit operations, whether that’s disappearing with upfront fees or stealing your personal information, which can lead to identity theft. So, what can you do to prevent this?

Top tip: To check if a lender is reliable, visit the Financial Conduct Authority’s (FCA) website. Legitimate lenders are registered with the FCA and can be searched for here.

It’s also wise to do your own research and check out customer reviews online so that you have all the information you need to choose the right lender.

April 2nd, 2024 | Andrew Hagger | News

As we head into the new tax year, and with lots of new changes coming from 6^th April, it’s important to stay clued up on how to make your money work as hard as possible.

From making sure you’re maximising available allowances to having your financial plans in order, David Murray, Financial Planning Expert at abrdn, shares his top tips on how to manage your money and make adjustments for the end of the tax year.

1. Get to know your spending and saving habits

First things first, be clear about what you’re looking for financially in the new tax year. Setting financial goals might seem a bit daunting but having a rough idea of what you’re saving for will mean it is more likely to happen. This doesn’t have to be your whole life plan written out – just some goals in mind to work towards and aim for.

A good budget is the cornerstone of any strong financial practice – understanding exactly where your money is going is essential when it comes to successful saving and can also help map out any debt repayments you may have.

There are many free money management apps you can download onto your phone that could be a convenient and powerful way to track your saving and spending habits and think about money in the right way. Alternatively, some banks provide useful online tools to keep tabs on your spending, so it’s worth seeing what your bank offers.

2. Make the most of your ISA allowances – before the new tax year

ISAs are one of the most tax-efficient ways you can save and invest as there’s no income tax, personal tax on dividends or capital gains tax to pay on any investment growth, interest you earn or money you take from it.

Currently you can save up to £20,000 in ISA products completely tax free in any tax year – meaning they are a very tax-efficient option for your savings and investments. While savers have been able to open and contribute to multiple ISAs in one tax year, they’ve never been able to do so through more than one of the same type of ISA.

But from 6^th April 2024, the new tax year, ISAs will become a bit more flexible. This includes the ability to be able to open and contribute to more than one of the same type of ISA. So, you could open and contribute to two stocks and shares ISA offered by different providers in the same tax year, for example. This wasn’t allowed before.

The annual allowance – which works on a ‘use it or lose it’ basis – will remain unchanged at £20,000 across all of the ISA products. So, if you’ve not invested more than £20,000 into an ISA in the last 12 months, or you’ve not opened or used one at all, you’re at risk of missing out on the tax-free benefits they bring. If you’re able to put some money away into savings before 6^th April this year, it’s a good idea to save into ISAs. After 6^th April, the new tax year starts, and the £20,000 tax-free limit begins again.

Whether it be a Cash ISA for an emergency fund, a Lifetime ISA which could help you save for your first home (and save for retirement), or a Stocks & Shares ISA for slightly longer-term goals, there are various options to choose from.

Also, if you want to save for your children or grandchildren, they get their own Junior ISA allowance of £9,000 in addition to the £20,000 allowance you’ll have. So a family of four could shelter up to £58,000 of their savings and investments each year from the taxman.

And keep an eye out for more announcements on the brand new UK ISA. While we’re yet to find out how this will work in practice, this will offer an extra £5,000 tax-free allowance each year alongside the usual tax advantages of an ISA to give savers a further boost.

3. Don’t forget about your pension

Your pension is a tax-efficient way to save for your future thanks to the tax relief you receive on any of the contributions you make to it. It’s also a good way to reduce your taxable income, and you may even be able to benefit from matching contributions from your employer.

You can normally contribute as much as you earn each tax year into your pension, up to the annual allowance of £60,000, and benefit from tax relief on your contributions.

The way tax relief is applied depends on the type of pension scheme you’re in and how you make payments. In a lot of workplace schemes, your employer deducts your pension contributions from your salary before tax is collected – known as salary sacrifice.

So there’s no need for you to claim tax relief yourself. But in other schemes you may need to claim the tax relief from HM Revenue and Customs. If you’re not sure how your pension plan works, speak to your employer, your provider, or a financial planner.

As of 6th April 2024, there will no longer be a maximum amount of pension savings that you can build up over your lifetime. The limit, known as the Lifetime Allowance (LTA), is currently £1,073,100. Any excess was previously taxed at a maximum of 55% but from the new tax year this will no longer be the case.

4. Get to grips with new changes to the CGT allowance

Don’t forget about your capital gains tax (CGT) allowance and how this will change. CGT is paid on any gains you make when you sell an asset – for example, if you make a profit when you sell a second property or investments that aren’t held in an ISA or pension.

However, you have an annual CGT ‘exempt allowance’ within which no tax is due. The government has announced that the CGT annual exempt amount will reduce from £6,000 to £3,000 from 6^th April 2024.

If you’re affected by the change at the turn of the tax year, you might consider holding any investments within a tax-efficient option, like a stocks and shares ISA or your pension, so that the value can grow without attracting CGT. Tax planning can be complex and in a world of shrinking allowances, knowing all the allowances and reliefs you could make use of and the best way to do that, can be easier with specialist advice.

Remember too that how much income tax you pay in each tax year depends on how much of your income is above your Personal Allowance and how much of your income falls within each tax band.

5. Stay ahead of the game!

It’s very easy to fall into the trap of not prioritising taking control of your finances and tax planning.

However, it’s worth considering how you, and your finances, might benefit from being an early bird in the new tax year. For example, you may achieve better outcomes if you feed money into a Stocks & Shares ISA gradually over the course of the year, than if you fill it fully just before tax year end.

And if you’re at all unsure about what you should be doing, get support from a financial adviser.

March 26th, 2024 | Andrew Hagger | News

M&S Travel Money’s latest insight, ahead of the Easter holiday period, reveals the value of the pound has increased against all of the top ten currency destinations over the last 12 months, meaning families heading away for the Easter break, may see their travel money go that little bit further, compared to the same time last year.

While sterling has gained an average of eight per cent across the ten most popular currency destinations and as much as 16 per cent on the eighth most popular currency (the Japanese Yen), the Eurozone remains the most popular destination, despite the smallest sterling gain, of just four per cent year-on-year.

America remains the second most popular destination, with UK holidaymakers benefitting from the pound increasing six per cent on the US dollar. Sterling has also gained six per cent against the Barbadian dollar, which moves into the top ten currency destinations this year. Turkey, which featured in the top ten destinations last Easter (ninth place), has moved out of the top ten this year.

For those looking to travel a little further, some of the largest sterling gains can be seen on long-haul destination currencies. For example, sterling has gained seven per cent on the Australian Dollar, the third most popular destination. New Zealand has also grown in popularity for UK travellers over the last 12 months, moving up three places to seventh place – with the pound gaining eight per cent on the New Zealand dollar year-on-year.

Sterling has also increased seven per cent on the UAE Dirham, which is in fifth place, having moved down just one place, from fourth, on the same period in 2023.

Sterling movements against M&S Travel Money’s top ten currencies:

With year-on-year sterling gains on many currency destinations, holidaymakers should see their travel money go further, which could help offset an increase in the cost of travelling to that longed for holiday.

The amount spent on travel⁴ has gradually risen over the last few years, surpassing pre-pandemic levels, according to M&S Credit Card customer data, with travel spend in 2023 up by 18 per cent year-on-year and the number of travel transactions up by 14 per cent over the same period.  So far, 2024 is also showing year-on-year growth in travel spend and travel transactions.

Nic Moran, M&S Travel Money, said: “We would always encourage holidaymakers to consider the total cost of their holiday, including exchange rates and local costs, so it’s great to see that sterling has gained on all of our most popular currencies, as families looking to jet off this Easter may see their budget go that little bit further.

“And while many of us are looking for ways to save and make our money go further, our data also shows that families are still looking to create new memories with their family by enjoying a well-earned holiday, continuing to spend more on travel, year-on-year.”

Nic’s top travel money tips:

• Plan spending money early: Get your spending money organised ahead of time; order your currency online, or visit a high street bureau de change, to secure a rate in advance – and travel with both local currency and a credit card, to ensure you’re covered for all eventualities.

• Don’t leave yourself short when it comes to currency: Ensure you have enough cash for snacks, taxis and tipping, ATMs may not always be readily available.
• Consider local costs when budgeting: ensure you factor in the cost of things like meals, shopping and tipping; sterling gains on some destinations can mean your holiday budget goes further on arrival.

The M&S in-store travel money bureaux, alongside its euro and dollar Click & Collect travel money service, means an M&S currency service is available in more than 450 M&S stores. The service offers a Click & Collect facility, so customers can order using their Smartphone or tablet – whether at home or in-store – and collect in as little as 15 minutes.

March 26th, 2024 | Andrew Hagger | News

A new report has revealed the average age of first-time home buyers in the UK compared to three decades ago.

The research, conducted by Go.Compare home insurance, investigates government data on first-time buyer trends. It shared that the average age of first-time home buyers is 33, the same as it was in 1990,[1]  despite inflation and the ongoing cost of living crisis. The insurance comparison site also revealed that the average age for all mortgage borrowers is 36, which has increased by two years since 1990.

The proportion of first-time buyers under the age of 25 has also decreased by 18.1% and increased by 9.5% in 35 to 44-year-olds. Although the average age of first-time home buyers is the same as in 1990, the figures suggest it’s not as easy for under 25s to invest in a home.

The average age of Brits buying a modern home is 36, compared to 37 for those buying an older property. The insurance comparison site’s research also shows that the UK prefers older houses, with 64% saying an older build would be their dream home if cost were not an issue.[2]

Its data has further revealed the median cost for home insurance policies, showing that, on average, older properties are pricier to insure compared to new builds.

The average annual cost for all insurance policies combined amounts to £185 for an older build, £39 more than for a new build. When looking at different insurance policies individually, buildings only cover is revealed to have the biggest price difference, with it costing £62 more on average for old buildings.[3]

Ceri McMillan, home insurance expert at Go.Compare, says: “The data clearly shows that older properties cost more insurance-wise, even though they’re the UK’s preference for a home. However, there are many ways to get the cost of insurance down, such as looking after and updating your home, or combining buildings and contents insurance to get a discount.

“It’s interesting to see that the average age of a first-time buyer has not changed much over the years.

But in the cost of living crisis, buying a house can be a difficult prospect, especially as the expenses don’t stop after the purchase. All the more reason to consider the different long-term costs between old and new builds, as well as the different types of insurance available.”

For more information, visit the Go.Compare website.