PERSONAL FINANCE NEWS
MILLIONAIRE PROPERTIES ARE BACK
According to new research from Santander Mortgages, Britain has seen a 393 per cent increase in the number of property millionaires since 2000. While 43,000 homes lost their value to take them under the £1m mark during the credit crunch, the numbers have risen again to nearly 147,000, the level they were during the peak in early 2008. The research also uncovered that around 78 per cent of these homes worth over £1m are in Greater London. While SW postcodes unsurprisingly claimed the largest percentage of the nation’s millionaire properties, SE postcode areas also showed a promising 23-fold increase in property millionaires in the last decade. Most positive for the property market is that the number of prospective buyers for these properties has risen 20 per cent.
AEGON LAUNCHES SIX PROTECTED FUNDS
Six new protected funds have been launched by Aegon Ireland. The funds aim to provide equity exposure while retaining a level of capital protection. Aegon offers exposure to equity markets such as Japan, Asia and North America as well as emerging markets worldwide. All six funds include constant proportion portfolio insurance (CPPI), meaning the equities and cash that are being invested in are constantly shifted, providing a minimum level of protection. Aegon’s David Aaron says the fund would be aimed at customers who seek returns from equity investment, but who are reassured by the security of capital protection.
SUCCESS OF FUNDS OF HEDGE FUNDS
Standard & Poor’s Fund Services’ latest review has found that funds-of-hedge-funds (FOHFs) managers have built on the absolute performance in the second half of 2009 and continued to improve liquidity in portfolios. S&P Fund Services’ lead analyst Randal Goldsmith said he thinks that the success is down to limiting investment to the more liquid strategies and Ucits III-regulated products. On the back of this, S&P Fund Services has launched a new fund group within its FOHFs’ Directory, which contains five Ucits III-regulated funds-of-funds as well as a UK-authorised fund-of-alternative-investment-funds (FAIF).
BRITONS FUNDING HOLIDAYS WITH DEBT
Britons are choosing to stretch their wallets to go on holiday this summer with a third racking up debt to fund their getaway, a survey from Bright Grey has found. Over half do not have the money readily available to repay their debtors straight away, meaning they could face additional interest payments. Nearly one in seven people said that they have to have a holiday every year, irrespective of their current financial situation.