House prices stay high despite depressed activity in property market amid the economic storm

House prices stay high despite depressed activity in property market amid the economic storm

While the number of mortgage approvals is at half its peak in the boom years of the past decade, prices remain above their long-term average in terms of multiples of earnings. In part, this is caused by a shortage of property, especially in London and the South East. But this is far from a full explanation given Britain has only just emerged from a double-dip recession.

'The fateful day I missed out on my chance of a retirement bonanza...' - Thousands lose out on hugely generous annuities as details are buried in the small print

Down in the mouth: Dentist Roy Morris

Thousands of people on the brink of retirement, including Roy Morris (pictured), are missing out because details are lost in the small print of their pension plan.

Politicians trapped by public opinion into into crowd-pleasing attacks on banks, says BBA head

Clampdown: The banking lobby says that the threat of change to regulation could hit lenders' capital-raising ability

'Politicians want to restore confidence and trust in the banking system and all mainstream politicians want London to thrive as a financial centre. But they are acutely aware of public opinion,' said Anthony Browne.

Couple's 'Frankenstein investment' ends in disaster: Up to 200 investors abandoned by Arch Cru rescue scheme

Investment disaster: Lin and Bill Hopper were advised to invest £630,000 in Arch Cru and are set to lose half

A small group of investors, such as Lin and Bill Hopper (pictured) who were advised to invest £630,000 in Arch Cru, have been 'badly let down' and potentially could get back no more than half their money.

Facebook next big firm in the spotlight over tax affairs as it reportedly 'siphons' £440m into an offshore haven

Under the spotlight: Facebook chief Mark Zuckerberg

The social networking giant paid £2.9m of corporation tax - including less than £240,000 in Britain - last year despite making more than £800m in overseas profits in 2011.

2012 REVIEW: A golden year (but not for our wallets) - Fuel bills soared, pay and investments slumped ... when the only bonanza was at the Olympics, Financial Mail was there to help

2012 REVIEW: A golden year (but not for our wallets) - Fuel bills soared, pay and investments slumped ... when the only bonanza was at the Olympics, Financial Mail was there to help

Misery for retailers as recovery hopes nosedive: Chains in despair after pessimism deepens over abysmal takings

Last minute buyers: This year late rush of Christmas shopping will have to be bigger than usual just to match last year's performance

Hopes of a December recovery in retail sales have been dashed, leaving store groups in need of an unprecedented last-minute boom to save their Christmas.

Top earners are the ones hardest hit by the big squeeze

Squeezed: Top earners' incomes have taken a hit amid the recession

Britain's top earners are taking their smallest slice of the national cake in years, official figures are expected to confirm this week.

Public sector staff demand pay rises to smash 1% limit

Action: Cleaners and maintenance staff strike outside the British Museum

Hundreds of thousands of public employees are demanding rises that would smash the one per cent limit announced by the Chancellor earlier this month.

Taxman offers deal to end dispute with celebrities putting their money into film schemes

Film schemes: David Beckham is among the footballers who have put money into such partnerships

Footballers including David Beckham (pictured), Steven Gerrard and Wayne Rooney, as well as other stars, have all put money into film partnerships.

   

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TAKING STOCK: Imbalance in British merger activity can be viewed positively

Imbalance: More British firms are being bought rather than doing the buying

It might show that UK business is quite sensibly steering clear of risky investments abroad, while British firms are seen by foreign investors as more secure assets to buy. Bankers and other advisers are unanimous that 2013 should see more deals than this year. But their own interests are likely to bias their view towards optimism.

MIDAS SHARE TIPS: Poised to motor…the group making tags that boost car plant productivity

Light work: Ubisense tags are used to make Mini production more efficient

Ubisense is a small business with big aspirations. It makes electronic tagging systems that help production lines work more efficiently and its products have been adopted by firms such as BMW and Jaguar.

MIDAS SHARE TIPS: Investors in festive spirit as shares treble at savings firm Park Group we tipped

Tasty Gain: Park Group offers hampers to savers

Christmas savings company Park Group has tripled in value since Midas recommended it in July 2009. Tipped at 181/2p, the shares are 61p today and the outlook is upbeat as the group moves into new areas.

MIDAS SHARE TIPS: US takeover to add more thrills for Lo-Q investors as tip price rockets

Midas tip: Lo-Q shares have more than tripled in price since May 2010

Lo-Q shares should gain further momentum following this month's £13.7million acquisition of American rival accesso.

Cut the cost of car rescue: Avoid a £250 tow charge with cover for breakdowns

Protected: Philip Porter's E-Type Jaguar featured in The Italian Job in 1969

Small business owners' fury over new VAT loophole

Mockery: Julia Roberts in the film Mirror Mirror, now on DVD, being shipped free of VAT by stores

The Government appears unwilling to close tax loopholes that enable retailers to avoid charging VAT to their customers.

'Our ten-year fight to win justice from film scheme fraudster with four aliases'

Fraud: Anastasia St Raphael, who is also known as Trisha Allison, Patricia Potterton or Catherine Potterton

As many as 60 investors bought into the pitch of a woman offering low-risk profits. Now a judge has ruled that the woman - who has gone by four different names and denied she had even met investors at all - lied.

THE INTERVIEW: I don't let my wife write cheques - and she won't let me design branches, says Metro Bank's Vernon Hill

Metro Bank's Vernon Hill

Mobile networks face £600m-a-year fees after spectrum auction for 4G services

Logging in: The 4G services will allow superfast mobile access to the internet

Mobile phone networks face hugely increased fees of up to £600 million a year following the auction of spectrum for fourth-generation mobile internet services, which has just begun.

ASK THE EXPERTS: I've saved for 25 years, but my insurer refuses to pay final endowment bonus

Ask the experts

I've been told by Aviva that it will not pay a final bonus on the endowment we have been saving into for 25 years. Is this correct and do we have rights to complain?

LISA BUCKINGHAM: Fear stalks the banks when we need their help

 LISA BUCKINGHAM

The potential for legal actions and large settlements over banking scandals is coming as society desperately needs them to start lending in a normal way, without which we have little or no prospect of returning to anything like economic wellbeing.

JEFF PRESTRIDGE: Blame Financial Services Authority for Arch Cru almighty fiasco

Jeff Prestridge

The Arch Cru debacle has been a regulatory fiasco from start to finish. Some of the guilty parties have paid a heavy price. Others have got off lightly.

DAN ATKINSON: Reality dawns over living standards

Dan Atkinson

Imagine having been told two decades ago that we would need to wait for years to get back to the living standards of the early Eighties. The uproar would have been unimaginable.

ANALYSIS: As complaints about lettings agents grow, is it time to regulate them to help tenants and buy-to-let landlords?

Fair deal?: Tenants have reported being hit with unfair fees, leading to calls for greater regulation of lettings agents.

As more and more people are forced to rent their home we examine the case for further regulation in the rental sector.

TONY HETHERINGTON: Outrage as loan firm raids bank accounts

Shabby pretence: Star Loans gives its address as Tudor Lane, in Cardiff, but it is not clear if it is really based there

Glasses Direct looks to Continent with acquisition of Nordic retailer LensOn

Focus: The owner of Glasses Direct is Europe-bound

The acquisition will double its customers and may pave the way to Glasses Direct selling prescription lenses on the Continent.

Hewlett-Packard expected to announce Autonomy sackings

Acquisition: Hewlett-Packard bought Autonomy for £6.2billion last year

HP has alleged that Autonomy, the British software company run by Mike Lynch, wilfully misrepresented its value when it acquired the business for £6.2billion last year.

INVESTMENT EXTRA: Just how good are professional stock-tippers?

The top tippers: Not all number crunchers have successfully identified the market's winners and losers

Borrowing rise could cost Britain top credit rating: Osborne facing uphill battle as figures reveal more economic gloom

Task ahead: The Chancellor may struggle to bring the total deficit down to the level projected in the Autumn Statement just a fortnight ago

Newly released data suggests the Chancellor will find it hard to bring the total deficit for 2012-13 down to £80.5bn as projected in the Autumn Statement.

Revenue record for Formula 1 championship-winning team Red Bull Racing

Winner: Sebastian Vettel of Red Bull Racing on the grid at this year¿s German Grand Prix

Energy drinks manufacturer Red Bull gave its Formula 1 team a £3.5million marketing boost last year, driving its revenue to a record £108.5million, according to Christian Horner, the boss of the racing outfit.

Good news for holidaymakers, but bad for the economy: Value of pound strengthens against two-thirds of G20 states in 2012

Strengthening: The pound has been gaining value against two thirds of the G20 currencies

Racecourses run their last as Northern Racing slips into red

Final furlong: Folkestone and Hereford racecourses closed last week, after Northern Racing posted a loss

While running bookmakers might be a lucrative business, running racecourses is less so, and the latest accounts from Folkestone and Hereford's owners Northern Racing show the company back in the red.

Rogue bank chiefs may end up in court under plan to shield taxpayer and savers from another crisis

Bank charge: The Government is accused of failing to clarify how the ring-fenced bank will be kept independent from other parts of the same banking group.

In a hard-hitting report, the Parliamentary Commission on Banking Standards blasts the Government for providing sketchy details on new reforms for the banking sector.

'I bought £500 worth of presents for £100': How online questionnaires, cashback and savvy money saving can save Christmas

Heather from Wales takes money saving to a new level: She managed to spend just £100 on £500 worth of presents this year

Heather Morris, 29, spent just £100 and got £500 worth of Christmas presents - we reveal how her money saving antics helped save her festive season

Three more firms to be fined over spam text messaging but prevention device is being held back by network's money wrangle

Nuisance texts: Could new technology mean that mobile users can block them?

The technology to enable mobile phone users to block the nuisance texts is available, but moves to implement it have stalled due to a disagreement on who should pay.

Young women's car insurance 'will rise' by £300 today - but men could see a £180 drop as EU gender ruling hits

Drivers

Young female drivers will bear the brunt of new European rules which come into force today and could deliver a £300 increase to their average cost of car insurance. This is despite the fact that young females are statistically safer drivers then young males - young men are twice as likely to suffer a serious collision.

Recovery hopes dampened as growth is revised down and Osborne's deficit plans suffer fresh blow

Dampened: The Olympic-aided bounce in GDP in the third quarter has been downgraded slightly from 1% to 0.9%.

Economic growth for the third quarter has been revised down from one to 0.9 per cent, while public borrowing unexpectedly rose last month by £1.2 billion.

Auto-enrolment loophole could throw lifeline to low-paid who can't afford to pay into new pension scheme

Big businesses first: Millions will be automatically enrolled onto pensions over the next six years, with employers with 250 workers or more the first to take the plunge.

Low-paid workers concerned about being forced onto a pension plan they can ill afford have been thrown a lifeline by a loophole in automatic enrolment rules.

Amazon is ranked best online Christmas shopping experience as retail websites close doors to last-minute shoppers

Festive shopping: Amazon has topped a Christmas shopping satisfaction poll but with only four days left will gifts arrive in time?

Should I stick £3,600 into a fixed-rate savings account or save into the First Direct 8% regular saver instead?

Fixed-rate vs First Direct: What one should I pick to put my cash into?

I'm a First Direct customer - would I be better off drip-feeding money into its regular saver or the top rate fixed-rate savings account?

How can I get my finances back on track in 2013?

Review: Take the opportunity to realign your portfolio and consider your investments

Over the past two years the recession has really hit me and I have got my finances into a bit of a state. What can I do?

Dramatic drop in consumer confidence with fears over job security and rising energy bills

Double dip: Consumers believe the finances of their household had got worse over the last year and expected the wider economy to deteriorate in the year ahead

Many think that the finances of their household had got worse over the last year and they expected the wider economy to get worse in the year ahead.

'We were burgled just six days before Christmas': Don’t fall victim as burglaries boom over festive season

Roger Pass

Figures from Halifax Home Insurance revealed a 25 per cent rise in burglary claims last December, compared to the festive period in 2010.

You can take back granny's Christmas jumper: What to do with unwanted gifts

Christmas jumper: Avoid wasting money by including gift receipts when you send presents this festive season

If you're still doing your shopping, make sure to get a gift receipt when you buy items — and don't be embarrassed about including it with the present.

New Canadian boss of Bank of England will get £250,000 UK accommodation allowance... on top of his £480,000 salary

Bank of Canada Governor Mark Carney, right, smiles at a news conference in Ottawa, Ontario, Monday Nov. 26, 2012. Carney will become head of the Bank of England next summer. (AP Photo/The Canadian Press, Fred Chartrand)

It takes his total annual package before tax to £874,000 – six times more than the £142,500 Prime Minister David Cameron is paid and 33 times the national average of £26,000 a year.

Copying CDs to iPods to be made legal as Britain vows to block Europe's 'iTax' on all music gadgets

Users will be able to copy music and ebooks between devices without breaking the law under the shake-up of copyright

Laws which make criminals out of anyone who copies files are to be scrapped and record companies are to be banned from blocking spoof versions of hit songs.

Direct insult: Energy customers' rage at direct debit errors that leave them hundreds of pounds in debt - or credit

Case in point: Anthony Gent had problems with Eon energy when he changed his supplier (see below)

Direct debit is supposed to be the cheapest and most convenient way to pay your bills but one in ten of all complaints related to energy prices is about these types of payment.

How comfortable a retirement income could a £1.25m pension pot actually get you?

Life of luxury: We explain how far a £1.25million pension pot will get you.

How big will my retirement income be if my pension pot is at the soon-to-be-introduced tax-free lifetime allowance limit of £1.25 million?

Benefits could be limited to buying bare essentials as Iain Duncan Smith warns of dangers of giving claimants cash

Work and Pensions Iain Duncan Smith said he was looking at how a 'welfare card' would work in practice

Work and Pensions Secretary Iain Duncan Smith (pictured) reveals he is studying the practicalities of a welfare card to stop handouts being used for alcohol or drugs.

ING Direct mortgage and savings customers set to have accounts transferred to Barclays in March

More than a million customers will be transferred over to Barclays from ING Direct next year

The Dutch internet bank has written to 1.4m savers and some 70,000 mortgage customers giving them details of the switch to one of Britain’s biggest High Street banks.

The next environmental disaster or a cheap energy panacea? Dare investors take a bet on fracking?

Shale gas: Could cut our dependence on Russian and Saudi oil, and help to keep energy bills lower in the UK

Britain may be on the brink of an energy revolution that could help millions of families with the soaring cost of heating their homes. Last week the Government gave the green light to a controversial gas-drilling technique called fracking. Ministers hope this will cut our dependence on Russian and Saudi oil, and help to keep energy bills lower.

Vanishing act: 351 savings accounts disappear this year and November was blackest month so far

Savings woe: Accounts disappeared at the quickest rate during November as Funding for Lending played havoc

The number of savings accounts have fallen drastically since the start of the year and plummeted fastest in November, leaving savers with limited options.

Ryanair voted least popular short-haul airline: Passengers complain about extra charges on company's flights

Rough landing: Ryanair fared poorly in the survey of airlines by Which?, the consumer champion

The Irish low-fare carrier had an overall satisfaction score of just 34 per cent in a table compiled from Which? members' votes.

Why online film rental could cost you more than going to the cinema

Blockbusters: Families can now watch the latest releases at home

Households need to beware because a few film nights could land you with an eye-watering bill from your broadband provider because many internet contracts have limits on the amount of data families can use

Get an estimate of your state pension entitlement online or through the post

Fruits of your labour: Find out how much state pension you are entitled to using the gov.uk calculator.

Workers baffled by constant changes to the state pension can ask for a personal estimate of when they will retire and how much they’ll receive.

Inflation remains stubbornly at 2.7% and sends savers on wild goose chase for real returns

Counting the pennies: The news is set to get worse for the UK's savers

Inflation remained unmoved at 2.7 per cent in November, official data revealed today, with higher food costs and the first energy price hike by supplier SSE offset by a fall in fuel prices. To beat that rate of inflation, basic rate tax payers need an account to pay at least 3.39 per cent to make any money in real terms.

UK's property market imbalance laid bare: House prices jump 3.4% in London but slump 11.7% in Northern Ireland

Imbalance: Property prices in some parts of the country continue to rise while others plunge

Official figures show house prices were up 1.5 per cent in the year to October – but more than half of the rise was delivered by London and the South East.

Banks and building societies force savage cuts on old savings deals

piggy bank

Cuts have been made on accounts for new savers for months now, but it is only recently that they have turned their guns on loyal savers - including those in accounts which are no longer open.

Ten cars that held their value best in 2012 - and 4x4s dominate once again

New entrant: The Skoda Yeti - which has just turned three - enters the list in third showing the 4x4 has been a hit with motorists

This is Money, alongside car valuation experts Glass's, take a look at the top ten motors that have lost the least value over three years.

Premium Bonds winners

December 2012
Prize value Winning bond No. Area
£1,000,000 90GM135935 Bedfordshire
£100,000 141GA754129 Northern Ireland
£100,000 183AM191540 Derbyshire
£100,000 175LJ952414 Grampian
£100,000 123LA629254 Norfolk
£100,000 90CS186047 West Yorkshire
£50,000 114PW077705 London
£50,000 32RL699242 Inner London
£50,000 137YX135681 Warwickshire
£50,000 40YK759809 Leicester
£50,000 115FC086870 Wiltshire
£50,000 4DV901566 Cornwall and Isles of Scilly
£50,000 66FV746591 Surrey
£50,000 17RP987409 Barnet
£50,000 167EA764626 Nottingham
More Premium Bonds winners

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Updated 23 Dec 2012.
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