MONEY MORSELS: Power price hikes, a plunging property market and cheap sports TV
Each week, Money Mail rounds up some of the week’s personal finance news. Here, it updates on power price hikes, the Britain’s plunging property market and TalkTalk’s low-cost Sky Sports deal, among other stories.
Power price hike
Co-operative Energy is hiking its gas and electricity prices by an average of 5.2per cent – or just over £60 – for 128,000 households. It means that from August 20, customers on a standard variable tariff will pay an average of £1,218 a year, up from £1,158. The price rise will also apply to GB Energy households, which have been supplied by Co-operative Energy since the firm ceased trading in 2016.
Co-operative Energy is hiking its gas and electricity prices by an average of 5.2per cent – or just over £60 – for 128,000 households
The total value of Britain’s property market has fallen by nearly £27 billion to £8.19 trillion since the start of the year, according to analysis by property website Zoopla. Its figures show that the average home decreased in value by £5.12 per day during the first six months of 2018 – adding up to a fall of about £927 per property.
TalkTalk has launched a low-cost Sky Sports deal following England’s success in the World Cup. Sports fans will be able to pay just £15 a month to add Sky Sports channels to their packages. It is the most competitive deal on the market now, but monthly fees will rise to £34 after nine months.
Plans to launch a vital online tool that will allow millions of savers to see all their retirement savings at a glance could be ditched. Former Chancellor George Osborne promised to create a so‑called Pensions Dashboard two years ago. But according to reports, Work and Pensions Secretary Esther McVey believes it is not a service that should be provided by the State. Campaigners say abandoning it would be a huge mistake.
Fixed-term bond rates have soared to a two-year high. The average one, two and five-year bonds now pay 1.32per cent, 1.55per cent and 2.14per cent respectively. Atom Bank, which requires savers to run their account via a mobile phone app offers a top one-year rate of 2.05per cent. Birmingham Midshires pays 2.35per cent for three years. Secure Trust Bank’s five-year bond pays 2.67per cent.
The average cost of veterinary treatment for dogs and cats has risen by 4per cent over the past year, with the average claim increasing by £29 from £728 to £757. The overall cost of medical treatment claims for dogs and cats in the UK totalled £775 million last year, an increase of 10per cent on 2016, according to Direct Line.
Rip-off exit fees charged by online fund platforms such as Hargreaves Lansdown and Charles Stanley Direct may be banned under a crackdown by the City watchdog. The Financial Conduct Authority says customers who want to switch to a cheaper firm should not be penalised.