Car insurance prices plunge to two-year low with average cost falling to £757
CAR insurance costs have plummeted to their lowest point in two years.
Drivers can expect to pay an average of £757 — down £144, or 16 per cent, on the same time last year, says confused.com.
Prices fell by £20 in the past three months alone, and have been falling for almost 18 months straight.
Stuart Masson, at advice site The Car Expert, explained: 'From 2020 to 2022, the industry suffered from global shortages of cars, parts and labour which meant repair times went from days to weeks.
'For all that time, insurers were paying for customers to run around in courtesy cars.
'Improving parts supply and staffing availability has helped bring these costs back down.'
Younger drivers are seeing the biggest savings, with 17-year-olds now paying £775 less than a year ago — the biggest drop for the age group in over ten years.
Those aged 18 are paying £697 less than they were in 2024. But teens still face the highest bills with average premiums still at over £2,000.
Confused.com motoring expert Rhydian Jones urged drivers who are due to renew their policy to shop around for the best deal.
He said: 'As average prices drop, insurers can become more competitive, which means you could get a cheaper price elsewhere.'
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MORTGAGES 3-YEAR LOW
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MORTGAGE lenders have slashed their two-year fixed deals to the lowest rates seen in almost three years.
The average has fallen to 5.18 per cent in the past month, down by 0.14 per cent.
Meanwhile, five-year rates average at 5.09 per cent, down from 5.48 per cent last May, said MoneyFacts' data analysts.
Its finance expert Rachel Springall said: 'Thankfully so far lenders have been cutting fixed rates, not hiking them.'
The Bank of England is today expected to hold its base rate, which influences both mortgage and savings rates.
ELECTRIC SURGE
ONLINE electricals retailer AO World has notched up record annual profits.
The group reported a 32 per cent rise in underlying pre-tax profits to £45million for the year to March 31.
The group saw like-for-like sales lift 7 per cent to £1.11billion.
Sales were boosted by the deal to buy Music Magpie.
However, AO faces about £8million in extra costs due to rises in NI contributions and minimum wage hikes.
HOMES SLOW
THE annual rate of house price growth halved as a stamp duty holiday ended.
The average UK house price rose by 3.5 per cent in the 12 months to April — down from 7 per cent growth in March, when buyers were rushing to beat the stamp duty deadline — ONS figures show.
Average house prices increased to £286,000 in England, £210,000 in Wales and £191,000 in Scotland.
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