Rent and Energy Prices Soar

The cost of living has never been higher, especially if you live in London. With banks tightening their belts, getting approved for a mortgage without a massive deposit is getting harder and harder. As a result, those who would have bought property in the past are now forced to rent and the heightened demand has pushed up the cost of renting. It seems to be an impossible battle. The price of property is also expected to drastically increase over the next few years, increasing by up to 4%.

As if this wasn’t bad enough, the cost of energy is also skyrocketing, with 5 out of the 6 biggest energy providers hiking their prices up by up to 18%. With pay freezes and rises in the price of food, our incomes are expecting to stretch further and further. There are many independent loan companies now offering all sorts of loans as the traditional channels become harder to be approved by. On the edge of a double-dip recession, the future is looking bleak. If ever there was a time to rethink your finances and save where you can, this is it. Look out for advice articles published on our website daily, giving you tips on how you can do this.

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