Research has highlighted a significant protection gap among manual workers in the UK. Almost a quarter (23%) of manual workers believe they are likely to experience an accident at work within the next three years, higher than the national average of 19%. But this demographic is one of the least insured groups – only 4% have income protection in place and 1% have accident-only income protection. Despite the occupational hazards, 36% of manual workers have not considered how they would cope financially if they had a non-fatal accident. A quarter (24%) wouldn’t know what to do in this situation – this is notably higher than the national average of 15%, therefore indicating a knowledge gap within this occupation. As with all insurance policies, conditions and exclusions will apply Sources: https://protectionreporter.co.uk/mind-the-gap-why-manual-workers-are-falling-through-the-cracks-in-income-protection.html

Data from the Bank of England shows that UK borrowers are currently favouring two-year fixed-rate deals. In Q2 of this year, half of new mortgages were two-year deals, with only 35% opting for five-year terms. Borrowers are probably hoping to remortgage to a cheaper deal if Bank Rate keeps falling over the next two years. This marks a change in attitude since 2022 - interest rates were beginning to rise, so buyers were hoping to keep mortgage costs low by choosing a five-year fixed deal. A longer mortgage deal is still worth considering, despite hopes that interest rates will ease in the coming years. Analysts do not anticipate mortgage rates to fall to the record lows seen in 2021; instead, they expect that mortgage rates will settle at a higher level, potentially around 3.5%. Also, potential cuts to Bank Rate are taken into consideration when pricing fixed rate mortgages, so some experts believe that current rates are the best that we will get for a while. Deciding on your next move? It’s essential to seek advice so you can make an informed decision about the mortgage deal that’s right for you. Your home may be repossessed if you do not keep up repayments on your mortgage. You may have to pay an early repayment charge to your existing lender if you remortgage Sources:  https://www.msn.com/en-gb/news/other/half-of-mortgage-borrowers-fix-for-two-years-are-they-being-too-optimistic-about-rate-cuts/ar-AA1OWSr5 https://www.thisismoney.co.uk/money/mortgageshome/article-15128641/HALF-mortgage-borrowers-fix-two-years-optimistic-rate-cuts.html

A survey from LRG has revealed the three most influential factors when buying a property, excluding price and location. Updated kitchens and bathrooms were the important features, with 77% of respondents citing these as key influencers. Meanwhile, an attractive garden (55%) was more favourable than exterior presentation (23%), suggesting that kerb appeal is currently less of a priority among buyers. But presentation inside the home does seem to matter, with 49% of respondents citing cleanliness as a key influence. Bold interior colour schemes were the bottom of the priority list, with only 4% looking for this in a potential home. Kevin Shaw at LRG commented, “Buyers are clearly telling us that a spotless, well-maintained property can be highly persuasive.” Sources: https://www.propertyreporter.co.uk/homebuyers-prioritise-upgraded-kitchens-and-bathrooms-over-kerb-appeal-says-lrg.html

A survey has found that 30% of UK households would need to sell their family home if their partner or co-owner were to die unexpectedly. Affording mortgage repayments was the biggest financial worry in the event of an unexpected death, with 27% saying this would be their primary concern. Despite this, 60% of borrowers don’t have life insurance that covers their mortgage, leaving them without a safety net at a time when they may need it most. Moreover, 80% don’t have any savings in case of a financial emergency. Many UK households would therefore be in a precarious financial position if they experienced an unexpected bereavement. Your home may be repossessed if you do not keep up repayments on your mortgage. As with all insurance policies, conditions and exclusions will apply Sources: https://protectionreporter.co.uk/uk-households-unprepared-for-unexpected-bereavement-as-30-would-need-to-sell-the-family-home.html

Savills has published its latest five-year outlook for the UK housing market, including predictions for house price growth between now and 2030. The report predicts that house price growth will be subdued in the short term, with the average home expected to rise in value by just 1.0% in 2025 and 2.0% in 2026. This slow pace is due to ongoing uncertainty about the economy and weak demand from buyers. However, the landscape is expected to gradually improve as interest and mortgage rates ease. Savills predicts house price growth of 4% in 2027 and 5% in 2028, with a peak of 5.5% in 2029. Across the five-year period, property values are anticipated to rise by a total of 22.2%. Regional forecasts Regional variations in house price growth are expected to persist. The strongest growth is forecast in the North East, and Yorkshire and the Humber, where prices are predicted to rise by 28.8% by 2030. On the other hand, weaker growth is expected in London and the South of England, where houses are less affordable. In the capital, home values are only expected to increase by 13.6% over the next five years. Need support navigating the changing property market in the coming years? Contact us for advice. Your home may be repossessed if you do not keep up repayments on your mortgage Sources: https://www.thisismoney.co.uk/money/mortgageshome/article-15256621/House-prices-rise-22-2-five-years-adding-80-000-typical-value-says-Savills.html