After months of bad news from a range of authorities regarding the finances of homeowners in the UK, the Bank of England finally had something good to say: that inflation has fallen to 4.2 per cent, down from 4.8 per cent in November and above the five per cent mark in September.
Rising prices have been a major issue for the likes of landlords and mortgage holders in the UK. While financial agreements such as car and buy-to-let insurance are fixed for the long term, a recent MoneySupermarket.com poll discovered the outgoings that were having the biggest impact on personal finances in 2011.
Of the 10,000 people surveyed, high petrol prices was named the worst by 42 per cent of people, while rising bills (21 per cent) and debts (17 per cent) were second and third respectively.
However, a recent announcement from the Big Six energy providers revealed that they would reduce the price of gas and/or electricity by anything from 4.5 to six per cent, offering more comfort for landlords and their tenants, among others.
Kevin Mountford, head of banking at MoneySupermarket.com, explained: “[D]espite inflation falling month on month, prices are still high. People still need to make sure they’re not paying over the odds for major expenses like car and home insurance, energy and other household bills.”
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