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Homeowner Advice

General tips and advice for homeowners covering maintenance, seasonal tips and everyday property care.

Homeowner Advice

Your Financial Overview 2024

2024 has seen many twists and turns for people’s finances, whether it was because of the ongoing cost-of-living crisis, the recent Autumn Budget or the 2024 UK General Election. The topic of finance has rarely been out of the news this year, leading to much speculation and causing many across the UK to reassess how they look after their money.

2024 has seen many twists and turns for people’s finances, whether it was because of the ongoing cost-of-living crisis, the recent Autumn Budget or the 2024 UK General Election. The topic of finance has rarely been out of the news this year, leading to much speculation and causing many across the UK to reassess how they look after their money.

With there being a lot to take in on the finance front from 2024, we thought we’d give you a breakdown of key events that may have affected your money matters, keeping you informed and giving you peace of mind!

£31.1 billion in unclaimed pensions

In startling research published ahead of National Pension Tracing Day in October, the Pensions Policy Institute (PPI) revealed that a total of £31.1 billion laid in unclaimed, inactive or lost pension pots. Pension pots are typically unclaimed as a result of various factors, whether it’s switching jobs and subsequently forgetting them or being automatically enrolled in a pension by your workplace and being unaware of it’s existence altogether.

Perhaps the most startling aspect of the research is just how many UK workers could potentially be affected by this, and even more so the potential amount they could have lost. Statistics showed that one in ten workers lost approximately £10,000 due to losing track of their pension, meaning there is a high likelihood that you or your colleagues could be impacted by this.

If you suspect that you may have an unclaimed pension pot, there are various free tools you can use to locate them, including the National Pension Tracing Service.

Inflation and interest rates fluctuation

2024 has been another year for unpredictable highs and lows when it comes to inflation rates. Inflation and interest play heavily into day-to-day costs such as mortgage repayments, food and fuel. Starting off the year with higher rates of 4.0%, inflation later fell to 1.7% before rising again to 2.6% this month. Although optimists may see the drop since January as a considerable victory for savers, long-term impacts may still be felt for some time, and a looming unpredictability of future inflation rates may lead many to not be sure of the best options for their funds.

In any cases of uncertainty relating to your money and the best options for it, it is wise to seek advice from regulated experts. Having a financial adviser on hand is useful for an ongoing set of eyes on market fluctuations, so you don’t have to worry about how and if your funds will be affected. An adviser can also tailor a strategy suited to your financial circumstances and answer any questions you have, smoothing out any uncertainties.

Autumn Budget

This year’s Autumn Budget hit a number of milestones; the first budget from the UK’s newly elected government and also the first Budget announced by a female chancellor. Needless to say, the recent budget was a hugely anticipated event, and many across the nation were concerned but hopeful for their financial circumstances.

Changes to pensions that were announced included the alterations made to the inheritance tax (IHT), where from April 2027, most pension funds passed on death will be included in the deceased individual’s estate. While this may not affect the majority, it is still important to seek assistance in ensuring a plan is in place to protect your pension.

As independent and FCA-regulated financial advisers, Trust a Trader has entrusted My Money Expert in offering expertise to those wanting to unlock their pension potential. Your retirement is truly a time for living the way you want, so why not make sure you’re all financially set up for it?

For a chat under no obligation with a member of our team, schedule a callback.

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My Money Expert has been helping the UK to unlock its financial potential since 2010. Rated 5 Stars on Trustpilot, we offer regulated independent financial advice on a variety of areas including investments, ISAs, pension consolidation and retirement planning. We’re proud to be a B Corporation and are committed to doing right by our clients, as well as the wider community.

Looking for more homeowner advice advice?

Find clear, practical answers to common homeowner advice questions, helping homeowners understand everyday issues, know what checks they can carry out safely, and when it is best to contact a qualified professional.

  • What home repairs should I never attempt myself?

    Gas work - full stop. Any work on gas appliances must be done by a Gas Safe registered engineer by law. Structural changes like removing walls, altering roof timbers, or touching anything load-bearing need professional assessment and often Building Regulations sign-off. Electrical work involving the consumer unit or new circuits must meet Part P. And if your property was built before 2000, be aware asbestos may be present - it can only be handled by a licensed specialist.

  • Which home improvements add the most value to a property?

    Improvements that add usable space or modernise the rooms buyers scrutinise most tend to deliver the strongest returns. Loft conversions consistently top the list - adding a bedroom and bathroom can add more value than the work costs in many areas. Kitchen and bathroom updates are next. Open-plan ground-floor extensions connecting to a kitchen-diner have become one of the most sought-after layouts in UK family homes. And energy improvements - insulation, a new boiler, solar panels - are increasingly influencing buyer decisions as running costs become a bigger part of the conversation.

  • Should I renovate my home or move house?

    There's no universal right answer - it depends on your situation. Moving gets you what you want without living through a building site, but stamp duty, estate agent fees, and moving costs can easily add up to tens of thousands of pounds. Renovating lets you stay put and invest in your own property, but comes with disruption and unexpected costs. The most useful comparison: get a clear view of what your home could realistically be worth after the work, and what a move would actually cost end to end. A local estate agent and a builder's quote can give you those two numbers.

  • What does a home survey actually cover and do I need one when buying?

    A survey is an independent assessment of a property's condition carried out by a qualified surveyor - separate from the mortgage valuation, which only tells the lender what the property is worth, not what's wrong with it. A HomeBuyer Report flags visible defects and anything that needs further investigation. A Full Building Survey goes deeper and is worth the extra cost on older, larger, or unusual properties. Given that a house is likely the biggest purchase you'll ever make, skipping the survey to save a few hundred pounds is a false economy - a single missed issue can cost far more to put right.

  • What should I do before starting any major home improvement project?

    Get your paperwork in order before anyone picks up a tool. Check whether you need planning permission or Building Regulations approval. Find out whether a Party Wall Agreement applies. Confirm your home insurance covers you during the works. Get at least three written quotes and make sure the scope of work is clearly agreed in writing with whoever you hire. And have a contingency budget - on almost any renovation, something unexpected comes up. The projects that go smoothly are usually the ones that were properly planned before they started.

  • What is the difference between freehold and leasehold and why does it matter for home improvements?

    If you own the freehold, you own the property and the land it sits on outright - you can generally do what you like subject to planning rules. If you own a leasehold property (common with flats), you own the right to live there for the remaining lease term, but the freeholder owns the building. This matters for home improvements because many leases require you to get the freeholder's written permission before making alterations - sometimes even internal ones. Always check your lease before starting any work, as doing alterations without the required consent can cause problems when you come to sell.

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