A study undertaken by the team at www.MyJobQuote.co.uk found that nearly one third of British homeowners are not prepared for household emergencies as they don’t have a ‘rainy day fund’. 2,561 people over the age of 18 disclosed that they owned their own home, and have lived in it for at least
As of a survey by the Association of Plumbing & Heating Contractors, it has been urged for those leaving school to be encouraged to look into the possibility of undertaking apprenticeships as opposed to the more traditionally considered route onto the career ladder. And while higher education is still considered
With the ever-changing nature of the property market, it can be very hard for homeowners to keep abreast of the latest, trends, predictions and spot the most appropriate time to sell, or not to sell, their properties. Yet there are a number of key concepts which can be highlighted for
A study undertaken by the team at www.MyJobQuote.co.uk found that nearly one third of British homeowners are not prepared for household emergencies as they don’t have a ‘rainy day fund’. 2,561 people over the age of 18 disclosed that they owned their own home, and have lived in it for at least two years. Initially, all respondents were asked if they currently had a ‘rainy day fund’ – i.e. money set aside in case of household emergencies, such as a boiler breakdown. 69% revealed that they did indeed have an emergency fund, whilst 31% said they did not. Respondents with emergency savings were then asked where they kept their savings, to which just over a quarter (27%) revealed it was cash somewhere safe, while 73% choose to keep theirs in a savings account or bank. Those with rainy day funds were asked how much they had saved up for emergencies, with the average amount found to be £1,800. Broken down further: 18% had saved between £0-£500, 15% had £500-£1,000, 26% had £1,000-£1,500, 24% had £1,500-£2,000, and 17% had over £2,000. With the average cost of replacing a boiler at £1,500, 59% of those with an emergency fund would not have enough set aside to cover the cost. Added to the 31% without any savings, this means that 72% of all respondents would not have funds the saved to replace a boiler should they encounter any issues with theirs. Following on from this, all respondents that do not have an emergency fund were then asked the reason why they did not have one, and the most common answers were found to be ‘I/we don’t have enough money to put aside’ (30%), ‘I’m/we’re not worried about having an emergency fund’ (23%), and ‘I/we have enough income coming in to cover any last-minute emergencies’ (17%). Of the participants currently without a rainy day fund, 41% said that they had previously had one, but had needed to dip into it and were yet to replace the amount. When asked what they would do in case of an emergency, 40% said they had no contingency plans, 21% said they would pay out of their current account, and 14% said they would consider a short term loan.
As of a survey by the Association of Plumbing & Heating Contractors, it has been urged for those leaving school to be encouraged to look into the possibility of undertaking apprenticeships as opposed to the more traditionally considered route onto the career ladder. And while higher education is still considered to be the primary mode of progress for individuals, questions can be raised as the benefits in contrast to apprenticeships which can often provide more specific (to the relevant role) training and an easier time breaking into the sector for certain career paths. In the survey, the Association of Plumbing & Heating Contractors surveyed some 1,830 homeowners within both Wales and England, to gauge their opinion on apprenticeships. Of the results, it was highlighted that a surprisingly high 86% of individuals actually stated that they believe that those leaving school should face more encouragement on the apprenticeship front, as opposed to the more traditional path through to Higher Education – in fact, a mere 2% of those surveyed actually stated to disagree with this notion. Additionally, 81% of people nodded to the benefits of pursuing an apprenticeship, with respect to the provision of earnings and key, targeted learning for their career of choice. 78% then supported this notion, believing that apprenticeships provide a good way into a career of choice as well as 77% of those surveyed also stressing how important professional training is. Of course, the results come as no surprise, with an increasing number of university graduates struggling to break into their career of choice due to a lack of experience and a degree of insecurity as to the assurances of finding a job quickly after graduation. Combined with a shortage of skilled tradesmen, and the aforementioned lead into a career through apprenticeships, it is for these reasons that we can see apprenticeships starting to come to the fore more prominently as a direct means into a number of enviable careers.
With the ever-changing nature of the property market, it can be very hard for homeowners to keep abreast of the latest, trends, predictions and spot the most appropriate time to sell, or not to sell, their properties. Yet there are a number of key concepts which can be highlighted for homeowners who are presently trying to judge the market and if now is the “right time” to move on, or the right time to invest back into their property. House prices are already at record levels, which is something oft reported and monitored by both consumers and businesses alike. And while growth has clearly slowed down across the housing market, it is still predicted for house prices to continue to grow over the course of 2016 – a 4-6% increase has been predicted by Halifax, the UK’s largest mortgage lender, which can be attributed to the present housing shortage and expanding population. On the one hand, these facts make it sound like the perfect time to sell, yet, there are other things which homeowners are advised to consider. It is true that the mortgage lending market remains very active, however it has been noted that first-time buyers are having to wait longer and longer to get onto the property ladder due to requiring a far larger deposit before they can secure a loan. Whilst this may not seem to be directly affecting someone already on the property market, it is key to understand that the market for the sale of properties can only be as strong as the market for the purchasers of them – with it proving more difficult for people to raise the funds needed to buy housing, the demand (from those able to pay the rising house prices) is worryingly low. So, given the currently position, we are in a state where properties are perhaps at a very promising value for homeowners to cash in on their investments, yet, at the same time, unpromising in the sense that the value of a home may not be a price tag that the modern buyer can, in fact, afford to offer. This places homeowners in a position where it can be seen as a more effective measure to focus on making your properties more saleable through home improvements, both to prepare for the future, but also to bring in interest from those buyers who can actually afford the price tag.
