As anticipated, the weekend’s financial press focused heavily on last week’s spending review, and prompted a number of articles urging consumers to act now in order to combat the effect of the announced cuts. The Guardian and Sunday Times gave advice on finding the best deals for utilities, insurance and mortgages – with experts pointing out that borrowers should not assume that there are no savings to be had just because the mortgage market is tough. Both the Financial Times and the Sunday Telegraph reported that competition is in fact returning to the market for the first time since the credit crunch, with lenders such as Barclays and RBS launching low fixed and tracker deals. Elsewhere experts looked at the varying concerns for the UK housing market. The Independent warned that the Chancellor’s decision to cut the social housing budget by more than 50% will put too much pressure on an already struggling private rental sector, and called for the Government to do more to increase Buy-to-Let funding to allow the market to cope. The Sunday Express reported on a shift in power from seller to buyer, as homeowners try to sell their properties at a time when nervous lenders are imposing tighter restrictions. In other news the Independent on Sunday revealed that the average time a property remains on the market before an offer is received is now 9.3 weeks, while the Observer looked at a landmark case in which a BTL landlord successfully showed that a surveyor had overestimated the rental income on a new-build flat.
What the papers say- 23rd and 24th October 2010