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More than £1.1bn of fraudulent general insurance claims detected in 2024 – ABI
Technology

More than £1.1bn of fraudulent general insurance claims detected in 2024 – ABI

Some £1.16 billion worth of fraudulent general insurance claims were identified in 2024 – a 2% increase on the £1.14 billion detected the previous year – according to the Association of British Insurers (ABI). Insurers uncovered over 98,400 fraud-related claims in 2024, a 12% rise from 81,100 in 2023, according to the ABI’s figures. Some 51,700 motor insurance scams worth £576 million were detected. This is 5% more than in 2023 and equates to more than half (53%) of detected bogus claims last year. Insurers also identified 18,700 deceptive property insurance claims worth £189 million – 11% more than the volume of claims detected the previous year. Exaggerated losses, when claims are deliberately inflated beyond their true value, are a theme that insurers are seeing. The ABI also said insurers prevented an estimated 684,800 fraudulent insurance applications last year, a 7.4% increase from 2023. Mark Allen, head of fraud and financial crime at the ABI, said: “It’s reassuring to see the industry making continued progress in tackling fraud, but with insurers continuing to detect over £1 billion worth bogus claims, the fight must continue and there will be no let-up in insurers’ pursuit of fraudsters. “Fraud doesn’t just harm its victims. It drives up premiums for everyone and causes grave emotional distress. “That’s why cracking down on bogus claims and applications remains a top priority, but fraud can’t be tackled in isolation. It needs a collaborative approach alongside those in other sectors. “A lot of fraud occurs on social media, and it’s vital that technology companies and social media platforms work with us and play their part in prevention and detection.” Ursula Jallow, director at the Insurance Fraud Bureau (IFB), said: “We are working closely with the ABI, insurers, law enforcement and other key partners to disrupt fraud and shield the public from scams. “If you have any information about insurance fraud, we urge you to report it confidentially to our CheatLine.”

Areas of UK where Christmas shoppers expect to spend most and least revealed
Technology

Areas of UK where Christmas shoppers expect to spend most and least revealed

Christmas shoppers expect to spend around £32 on average more this year on gifts than they did in 2024, a survey indicates. The average festive shopper expects to spend £377.98 in the weeks ahead, which is around £32.63 or 9% more than the £345.35 they typically spent last year, according to website MyVoucherCodes. People in Northern Ireland expect to spend the most typically at £452.38, the survey indicated. Those in the south west of England are anticipating spending the least typically, at £324.37, with people in Scotland expecting to splash out £443.64 and those in Wales spending £366.11 on average. The research was released ahead of the Black Friday (November 28) shopping bonanza, with many retailers already having started sales. When asked what they would cut back on to save money this festive season, 36% of people said they would go out less, 34% plan to buy fewer clothes, and 27% will skip a Christmas getaway this year. Two-fifths (39%) will rely on online shopping for last-minute Christmas gifts, rising to 61% of people aged 18 to 24. Sarah-Jane Outten, a money saving expert at MyVoucherCodes, said: “With prices up on last year, every saving counts. Using discount codes, shopping early, and being clever with spending can make a big difference without cutting back on the festive cheer.” She suggested setting a “realistic” budget, teaming up with friends or family members to buy a gift and checking cupboards before heading to the supermarket as ways to keep Christmas spending down. People could also take some time to research current and previous prices of gifts they want to buy before they hit the shops, to help them weigh up whether a “special offer” is really a bargain. Some 2,000 people across the UK were surveyed by OnePoll in November for MyVoucherCodes.

Average price tag on a home fell by £6,589 in November – Rightmove
Business

Average price tag on a home fell by £6,589 in November – Rightmove

The average new seller asking price fell by 1.8% or £6,589 month-on-month in November, according to a property website. Rightmove, which released the figures, said this was a bigger-than-usual November drop, taking the average price tag on a home coming to market across Britain to £364,833. Speculation about the contents of the Budget is fuelling uncertainty across much of the market, particularly at the upper end, the website said. Homes priced at under £500,000 have been less affected by potential policy change rumours, it added. The average monthly price drop seen in November has been 1.1% over the past decade and this month’s fall is the biggest for this time of year since 2012, Rightmove said. More than a third (34%) of homes available for sale have had an asking price reduction, with the average size of price reduction being 7%. Both figures are the highest since February 2024, the report said. Colleen Babcock, a property expert at Rightmove, said: “The decade-high number of homes available on the market continues to restrict price growth, with many new sellers keen to avoid standing out by over-pricing compared with their competition. “The Budget is a big distraction, and is later in the year than usual, with many would-be buyers waiting to see how their finances will be impacted. “It appears that the usual lull we’d see around Christmas time has arrived early this year, and sellers who are keen to move are having to work especially hard to entice buyers with competitive pricing.” Matt Smith, a mortgage expert at Rightmove, said: “Home movers can expect some small drops in average mortgage rates to continue over the next few weeks. The Budget has created a lot of uncertainty and has had a big build-up, so once the announcements are out the way, home movers can focus on planning with more confidence.” Nick Leeming, chairman of estate agent Jackson-Stops, said: “For prime country houses, it has been a market of two halves in November so far. Whilst some have chosen to wait for clarity after the Budget – whatever news that may bring – others have accelerated their transaction timeframes.” Bertie Russell, managing director at Russell Simpson in London, said: “We are starting to see more investors and pied-a-terre buyers looking, as well as a larger swathe of US buyers.” Meanwhile, a report from property firm Hamptons found that over the 12 months to October, the average monthly cost of a newly-let home in Britain fell by 0.5% to £1,399. David Fell, lead analyst at Hamptons, said: “Despite rents falling annually for the third straight month, landlords are still managing to agree above inflation increases when it comes to contract renewals. “Typically, these are reducing the gap that opened up over the pandemic between what tenants are currently paying, and what the property would achieve if it was re-let to a new tenant.” Annual rental growth for tenants renewing their contracts in Britain was 4.0%, with rents reaching a new peak of £1,310 per month, Hamptons said. The Hamptons lettings index uses data from the Connells Group to track changes to the cost of renting and is based on achieved rather than advertised rents. The figures were released as a separate report predicted that UK mortgage lending growth will weaken in 2026. Following expected net growth of 3.2% this year, UK mortgage lending is forecast to slow in 2026, with 2.8% net growth, as stretched affordability and a squeeze on real incomes drive a dip in housing demand, according to the EY Item Club outlook for financial services. A challenged global economy, and reduced real income growth are set to impact the banking sector in 2026, according to the report. Write-off rates on UK mortgages are expected to have fallen annually in 2025, with the EY ITEM Club forecasting a marginal rise in 2026, as some homeowners on fixed-rate mortgages refinance onto deals with higher mortgage rates. Total UK bank lending – across mortgages, business borrowing and consumer credit – is expected to slow from 3.8% net growth this year to 3.3% in 2026. Lending is then expected to pick back up in 2027 and 2028 – at 3.7% and 3.9% net forecast growth respectively, if, as expected, interest rates fall, and consumer and corporate confidence improves. Martina Keane, EY UK and Ireland financial services leader, said: “The UK economy made a strong start to 2025, but momentum is slowing and we are facing a challenging market. “Ongoing global uncertainty and the prospect of further domestic tax rises in the upcoming Budget are likely to impact the financial services sector next year. However, our industry is resilient and adaptable, and our fundamentals remain solid. A dip in 2026 is likely to be temporary, and as uncertainty recedes, growth levels across most of the UK financial services sectors will improve over 2027 and 2028.”

Women ‘more likely than men to say saving is harder now than last year’
Technology

Women ‘more likely than men to say saving is harder now than last year’

Six in 10 (61%) people are finding it harder to save compared with a year earlier, a survey has found. Women (65%) were more likely than men (57%) to report increased difficulty, according to the research for The Investing and Saving Alliance (Tisa). People living in Yorkshire and the Humber (66%), the North West of England and West Midlands (65%), and the South West (64%) reported the highest levels of difficulty, while people in the East Midlands (52%), London (55%) and the North East (57%) reported the lowest. Carol Knight, chief executive of Tisa, said: “This research shows that family budgets are under even tighter strain and the room to save keeps shrinking. “In challenging economic times, every financial decision carries more weight, and being equipped to get those decisions right matters more than ever.” Last week, the Government outlined its Financial Inclusion Strategy, to help improve access to financial services such as bank accounts, insurance, savings deals and affordable credit, with plans also to strengthen financial education in schools. Savanta carried out a survey 2,000 people across the UK in August for Tisa, a not-for-profit organisation whose member firms are involved in the supply and distribution of savings and investment products.