The latest updates and advice from the finance and business markets
HOME OWNERS ‘STRUGGLING TO MOVE UP PROPERTY LADDER’
One in three homeowners had expected to be further up the property ladder by now, a report has found. On average, three-quarters (74%) of homeowners who are not currently living in their ‘forever’ property believe it will take up to two more house to get there, Lloyds Bank found.
With house prices having increased strongly in recent years, first-time buyers were more likely than the average homeowner to say they had expected to be further up the property ladder.
GENDER SPENDING POWER GAP HAS WIDENED, STUDY FINDS
The gap between men’s and women’s spending power has widened over the last year, research suggests. On average, men have £487 a month in disposable income after essentials are paid for, while women have £118 less typically, at £369.
In 2015, a similar survey found an £80 a month gap between men’s and women’s spending power, with men having £412 in disposable income on average each month and women having £332, the research for VoucherCodes.co.uk found.
DIY MISTAKES ‘PROVE COSTLY FOR FIRST-TIME BUYERS’
Around one in five first-time buyers who are eager to get on the property ladder are turning to lower-priced properties that need some renovation, according to research. Many are cutting costs by carrying out the work themselves, spending £4,600 typically in the process.
But some of those surveyed also had to fork out for a professional to fix their DIY mistakes, costing £2,358 on average, the survey from specialist insurance broker Towergate found.
ONE IN THREE CHILDREN WORRIED ABOUT MONEY
Halifax has carried out a survey of parents which showed many are clearly aware of their children’s concerns. Some 33% of parents admitted they think their children worry about money – the same percentage as the children who expressed concerns about finances.