Will Leyland, 09 June 2022
With the cost of living continuing to rise with no end in sight, the vast majority of new renters are looking for advice with their finances after their move, so we’ve decided to keep adding some of our ‘tips for renters to save money’ articles.
Aside from the current cost of living, there’s also rising fuel prices and the energy crisis that are pushing up prices, and so we’re attempting to cover as many topics as we can.
According to the chief of Ofgem - the government energy regulator, energy bills may rise by another £800 per year in October, which is making it even more difficult for renters to save money.
The first question on most people’s minds now is whether they should now fix their energy prices or stay on a variable rate. By committing to a new contract with a new or existing supplier, you’re agreeing to pay a certain price for a minimum time, as opposed to a variable where you can switch at any time if a cheaper deal becomes available.
Money guru Martin Lewis has been the country’s go-to for advice here and his latest is similar to that which preceded it, you’re probably better off sticking to a variable rate or with your current supplier right now, as there are very few new deals worth committing to, certainly before October.
At the current time, it’s worth reiterating once again that you may be eligible for some benefits, and the only way to know whether you do is to use one of the government’s benefits calculators that are available through the Gov.uk website.
There are many schemes that you may not be aware of, regardless of your income, so it’s worth stressing that it’s definitely worth the effort to check and know that the thresholds can change.
Further to this, however, you need to be aware of the council tax rebate scheme, which is currently in operation, giving most households in the UK a rebate of £150. The facts can be found on the government website, but you may be affected if you’re moving house during this period, so you should definitely check.
The government has also announced a raft of new help for people with an energy rebate and extra help through universal credit coming later in the year.
According to the chancellor’s announcement, “So, I can announce today we will send, directly to around eight million of the lowest income households, a one-off Cost of Living Payment of £650.
DWP will make the payment in two lump sums - the first from July, the second in autumn, with payments from HMRC for those on Tax Credits, following shortly after.
There is no need for people to fill out complicated forms or bureaucracy – we will send the payment straight into their bank accounts.
And furthermore, I have decided that the £200 of support for household energy bills will be doubled to £400 for everyone.”
That means that renters may be eligible for one off payments to help with their cost of living, as well as a grant to help towards their energy bills later in the year.
With the current market there is enormous demand for rental property, certainly in the areas that we operate, meaning prices for rental properties are continuing to rise very much in line with inflation, meaning that the first idea may be to be as quick as possible if you’re considering or expecting a move in the near future - time may be of the essence.
If you’re looking for a new place to live, why not get in touch with a specialist today and let us know what you’re looking for?
Will Leyland, 09 June 2022