Property snakes and ladders in the midweek money sections
Property was the main topic in mind this week and the Daily Express kicked things off by asking that age-old question: is buying a house better than renting? Well, as is to be expected, there was no easy answer to this question. The piece stated that in many cities – including, surprisingly, London – rent prices are so high that it is actually cheaper to buy, although Harvey Jones is quick to point out that all the extra fees, not to mention the deposit needed, can push the cost of buying up somewhat. And if interest rates were suddenly to soar than this may turn into a moot point.
For those existing homeowners, Money Mail offered a tale of woe by warning that house prices could drop by up to 25% by 2012. The main reasons given for this are the large number of people who are selling, causing a glut of properties; low confidence in the housing sector; job cuts; and lack of mortgages. First-time buyers are still suffering as the average deposit needed is roughly 25% and the piece warns that the situation is not going to get better any time soon.
On a cheerier note, the start of the football season is mere days away – although some may be quick to argue that it never actually ended this year – and the competition between different TV sports packages is in full swing. Luckily the Mirror was on hand to explain the different TV packages and which one was best for your situation.
And finally, the Telegraph offered some practical advice on how to turn your child into a millionaire. By simply taking out a pension-pot when they are born and contributing £88 a month until they are 18, they the pot should have over £1million by the time they are 65.
And the scores this week are: