The cost of living is on the rise. The highest rate of inflation (up 1%) in nearly two years suggests future financial insecurity and for many, the need to start saving – or spending more cautiously – is immediate.
An unstable post-Brexit pound is another significant source of concern. The June decision to leave the EU saw the pound’s value plummet and again in October, it suddenly collapsed by more than 6% - the weakest it’s been since 1985. Although the shocking US election result, which named Donald Trump as President-elect, temporarily shifted investor focus and gave the pound a boost, there’s no guarantee this strength will continue.
But it’s not just the pound that has homeowners worried. As the polar vortex moves south and brings with it temperatures below freezing, Britain could be about to endure its coldest winter for five years. This suggests that we’re going to need to work harder than ever to stay healthy: it’s almost inevitable that we’re going to end up using more heat than previous winters just to maintain a comfortable atmosphere in our homes. And with wholesale electricity prices rapidly increasing, it looks like this will be an expensive winter.
Our guide on how to save money this winter shows the many ways homeowners can ‘winterproof’ their homes. Rather than temporary fixes or DIY solutions, these projects will add actual value in both the short and long term, and will help make households more energy efficient for savings of over £1000 per year.