ANALYSIS: Does buy-to-let still beat the stock market?

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If you had £50k to invest right now, where would you put it, buy-to-let property or stocks and shares?

Certainly leaving it in a traditional savings account, with interest rates as they are at rock bottom, that’s out of the question. And with the threat of rising inflation eating away your cash pot, you need to think seriously about what you are going to do about it – where does that money go?

Property has traditionally been a very good hedge against inflation. During the 1970s, when inflation peaked at around 27%, those who were asset rich and cash poor – houses, commercial property, farms, land and to some extent equities – did very well out of inflation, while those with fixed interest investments were losing money hand over fist. At inflation’s peak, people were losing money at the rate of over a quarter of their savings every year.

But the stock market has its advantages too; it’s far more liquid that property assets, meaning you can get your money out at the click of a mouse, as compared to the prolonged process of selling a rental property.

More recently house prices have been rising at a fair old lick. Could rising house prices far surpass the gains you can achieve in stocks, even if you are lucky or skilled enough to pick the winners? The stock market can be volatile, with setbacks or corrections as much as a 50% drop in values, so you will need strong nerves.

If your savings in stocks dropped in value by 50%, would you have the nerve to stick it out and wait for a recovery? Or would you, like a lot of people, just panic and sell out, and thereby turning your paper losses into realised ones? Investing in the stock market is not for everyone.

Red tape and more and more regulations

Over the past few years the Government has subjected buy-to-let landlords to a punishing regime of increasing taxes and more and more rigorous regulations. You have got to be a very diligent landlord today to be sure of being on the right side of the law. There are literally hundreds of rules and regulations to be followed.

This mountain of Government imposed red tape, a punishing regime that is enough to make any landlord despair, is responsible for driving many out of the business. At the same time it is exacerbating a housing crisis and pushing up rents. There’s a severe shortage of properties to let in many areas, with demand often far outstripping supply.

Unexpected revival

Covid on the other hand has brought about a revival in investment in the buy-to-let market that nobody really expected. Rishi Sunak’s stamp duty holiday, steadily rising average rents levels, steadily increasing property values and ultra low mortgage interest rates have acted together to spur on buy-to-let landlords’ interest.

With the older experienced end leaving the market, many new entrants have been tempted to have-a-go, full of the expectation that they can reap the rewards of putting their savings into a buy-to-let.

Most regions in England have seen landlords’ incomes rising, with prospects looking better than they have done for some time. According to Hamptons the estate agents, up to July 2021 the North, the East of England, the South West and the South East have all recorded double-digit growth in rents. Across England rents have risen by 6.2% year-to-date.

It’s labour intensive

Buying, renovating and renting out a property can be a lot of hard work, especially if you manage the tenancy yourself. Even when an agent does the letting, the process is never completely hands off.

As is intimated above, its a complicated process involving a fair amount of management skill, and high costs such as refurbishing, maintenance and repairs, stamp duty, legal fees, insurance and maybe agent’s fees. Wouldn’t it be a lot easier and more lucrative to invest in the stock market?

To help us with that question, conveniently Telegraph Money recently crunched the numbers to help us see whether say a £50,000 investment would perform better, invested either in properties or in companies on the stock market, over a typical 10-year period.

1 – Investing in property

Soaring house prices mean landlords with £50,000 to invest would need to be savvy when choosing where to buy because they would be priced out of the most expensive parts of the country, typically London and the South East.

But, there are parts of the country where values are much lower and the prospects for buy-to-let returns are excellent. For example, Telegraph Money took a town like Sheffield.

On the Telegraph’s behalf, Private Finance, a mortgage broker, analysed the potential returns in Sheffield, with the best and worst scenarios for a buy-to-let property. The town has a lot going for it. Its a popular location for landlord investors as it has modest house prices, a large student population and strong employment prospects.

Taking £50,000, according to Telegraph Money, a landlord would need to set aside £2,500 for fees and would need to borrow around £147,500 to purchase a four-bedroom property with a market value of £190,000.

Taking the best-case, the property would be let for about £850 per month, rising every year in-line with inflation and a full 10-year investment period. Mortgage costs would be around £297 per month, and assuming they would stay the same for the full decade on a long-term fixed deal, currently are available at 2.5pc.

First year profit is calculated at £4,638, rising to £6,225 in the final year, giving an overall profit at £54,106.

That of course is best case. It does not allow for any void periods, expensive repairs or having a bad non-paying tenant. However, with skilful management and a bit of good luck, there’s no reason these returned could not be achieved.

What this does not take into account is the potential rise in the value of the property during this period. Historically property price rises have more than outpaced inflation and indeed if inflation takes off over the next few years there’s probably no better hedge against it than property.

Telegraph Money makes theassumption that house prices will grow at 2.1pc each year, so in a decade the example property would be worth £229,079 – a rise of £39,079. When this is factored in to the returns, it means a best-case scenario landlord will get £93,185 back on their £50,000 initial stake. They suggest a less successful scenario would still leave the landlord with a £74,485 return.

2. Investing in the stock market

Would you be better off investing in the stock market instead?

Here there’s no risks of getting a bad tenant or having a long void period, but your returns depend on how well you select your companies or funds, and the ups and downs of the stock market.

AJ Bell, an investment platform, told Telegraph Money the results of its analysis oftwo potential outcomes: In its first case scenario an investor places cash in company stocks, which have historically returned 5.3pc per year, that’s based on data from the past six decades.

A £50,000 sum invested this way would return £2,525 in the first year, and by the end of the decade, with compounding growth, this investor would have a pot worth £81,833.

But as AJ Bell argues, many people would “shy away” from investing directly in companies. More often they would be cautious and prefer gilts and bonds. AJ Bell said these investments have typically returned 2.7pc over the past six decades. If this were to continue for 10 more years the investor would have £63,693.

Both scenarios assume stockbroker charges of 0.25pc, and should the investor decide to invest in managed funds, management charges would also have to be deducted.

Avoiding risk altogether by keeping money in cash is hardly an option, with cash savings accounts paying on average around 0.6pc. Your cash investment would grow £50,000 to just £53,082 over the 10 years, well below the rise in inflation, which is currently running at 4.2pc.

So, which investment comes out best, stock market or buy-to-let?

In this analysis, taking the best case, the buy-to-let property gives by far the best returns overall. The landlord would have made a profit of £54,106 from rent, plus a further £39,079 from the growth in the value of the property, making a total return of £93,185.

The stock market by contrast, would, on average return a profit of just £31,833.

Take taxation into account as well

In each case taxation would need to be taken into account. These example profits are before tax, and both would be subject to capital gains tax, though is is possible to shelter stock market returns in an ISA, but with a maximum annual investment allowance of £20,000.

Bother investments will also be subsect to income tax at the taxpayer’s marginal rate, apart from any proportion in an ISA. Dividend tax is also deducted from shares that may have paid out to investors, again unless the proportion is sheltered in an ISA..

Stock market investors can shelter themselves in an ISA, but their ISA investment must be spread out over a number of years as the personal annual allowance is currently £20,000.

Both investment types are be subject to stamp duty but landlords pay more at three percentage points above the standard property banded rates. In the example, a property purchase of £190,000 would attract a £7,000 bill, something else for landlords to factor in.

Which one is the best option in practice depends on the prevailing circumstances and the skill and luck of the investor. And don’t forget. buy-to-let can require significant amounts of time and effort which should really be factored in as a cost.

Investing in the stock market depends on the skill and luck of the individual investor, but given the uncertainty and volatility of the markets, although it’s a hands-off affair, it’s not for the faint hearted. And as has been shown here, average returns can be lower than buy-to-let.

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – ANALYSIS: Does buy-to-let still beat the stock market? | LandlordZONE.

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EDITOR COMMENT: Why it’s important to help clean up the property education sector

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LandlordZONE has joined a ‘social council’ set up by the Property Investors Bureau (PIB) as part of its efforts to monitor and manage complaints about property educations and academies.

The initiative is part of PIB’s ongoing efforts to usher in self-regulation within the property education sector to address some of the ‘major issues facing the sector and the increasing number of ‘tragic events that have occurred within this industry’.

As we reported this week, PIB’s Property Educators Accreditation Scheme (PEAS) recently revealed its first members to complete the certification process, with a further 11 in the pipeline.

These are John Howard, Mark Lloyd of Property Master Academy, Ranjan Bhattacharya of Succeed in Property and property consultant David Temple.

Social council

LandlordZONE, as part of the overall initiative, will be joined on the Social Council by Property 118, Property Tribes and the Property Forum.

As well as promoting the aims of PEAS, all of these websites will update their readers on new members as well as those who are expelled from the scheme, and LandlordZONE will monitor comments on our stories and within our Forum for any complaints about PEAS members.

We are keen to back the PEAS initiative and PIB’s Social Council because property investors and private landlords starting out on their journey want greater guidance as to who the good guys are within the property education sector in order that they can make an informed choice – and these initiatives help achieve that.

“If a consumer attempts to complain about a member of PEAS on a Social Council member’s platform, the member will suspend the complaint for 30 days (from the date that the complainant supplies evidence to the PIB) in the first instant and advise the consumer to first contact the PIB to attempt to resolve the issue,” says PEAS founder Cyril Connolly (pictured).

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – EDITOR COMMENT: Why it’s important to help clean up the property education sector | LandlordZONE.

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Built-to-rent homes ‘not just for well-off professionals’ claims report

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Build to rent (BTR) is no longer the preserve of affluent young professionals living in cities, according to new research, which found that older people and families are also leaving the PRS to set up home in the new blocks.

The Who Lives in Build-to-Rent? report analysed 89 schemes in England which include more than 15,000 homes and claims to dispel the perception that the sector is an unaffordable housing option.

Those in urban schemes had a similar income, profession, age and affordability profile as tenants in the PRS; 32% of residents earn between £19-32,000 per year while in the PRS it is 37%, according to findings by the British Property Federation (BPF), Dataloft, London First and the UK Apartment Association.

It discovered that monthly rental costs for couples and sharers living in BTR are 30%, compared to 33% of monthly income in the wider PRS. For single renters BTR is on average fractionally more affordable than the PRS at 32% of monthly income versus 33%.

Public sector workers

Across the urban data, one in five renters (18%) in BTR are public sector workers while both BTR and the PRS house similar numbers of creatives, tech professionals and leisure workers.

More than four in ten renters in both sectors are 25-34 years old, the most common age band, but BTR is increasingly catering to other parts of the market, with one in ten residents now aged over 45. Families make up 43% of residents in suburban BTR schemes.

Build to rent is growing rapidly across the UK, with more than 140,000 homes under construction or in planning. The majority (81%) are in the 20 cities where the government has increased housing targets.

Dataloft MD Sandra Jones (pictured) says: “This research shows that the BTR sector is providing options for renters who already live in the wider private rental sector. PRS vs. BTR is not a binary ‘them and us’ and this kind of data sharing initiative is key to understanding the whole rental ecosystem.”

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – Built-to-rent homes ‘not just for well-off professionals’ claims report | LandlordZONE.

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Stamp Duty holiday stimulated Buy-to-Let purchases in the South

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London, the South East and the South West led the jump in buy-to-let house purchases during the Stamp Duty holiday, analysis by Paragon Bank has revealed.

Comparing the period when landlords received the full 3% Stamp Duty discount – July 2020 to June 2021 – with the last comparative period not impacted by Covid – July 2018 to June 2019 – showed the number of buy-to-let purchases increased by 52% in London.

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BRRR – Buy, Refurbish, Refinance, Rent problem?

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BRRR misery –  Hi all, I need some help in solving a current situation concerning BRRR.

I recently purchased 2 terraced houses next to each other to turn into 7 ensuite rooms and 2 x 1-bed flats to rent as service accommodation for £420k.

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Gobbledegook?

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Does anybody know the latest eviction notice periods and when minimum EPC: C comes in to force?

I’ve been on government sites that seem to be all over the place with the new EPC reg’s – 48 pages long with dates changing every five minutes.

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EXCLUSIVE: Costliest and most common landlord insurance claims

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Research carried out by LandlordZONE’s insurance partner, Hamilton Fraser Total Landlord Insurance, revealed that the vast majority of landlords, 85 per cent, have landlord insurance.

This means they’re covered in the event of damage to their property and for loss of rental income or alternative accommodation. But for the 15 per cent who don’t, it could have serious financial implications.

Having tenants living in a property is considered a higher risk than an owner-occupied property, so if you make a claim without having an appropriate insurance policy, it is likely to be rejected.

You also need specialist landlord insurance that will provide cover for rental-specific events such as theft or vandalism by guests of tenants or tenants themselves.

But what are the top five biggest risks landlords are likely to face when it comes to their rental properties?

Hamilton Fraser Total Landlord Insurance has analysed data from over 3,000 claims over the last five years to offer some useful insights and help landlords prepare for the worst.#

Top 5 most common claims

1. Escape of water

When it comes to the most common claims for landlord insurance, there is one claim type that consistently takes the top spot. Accounting for one in three of Hamilton Fraser Total Landlord Insurance’s claims and with an average payout of £3,057, ‘escape of water’ refers to water damage caused by things like leaking pipes or water tanks, baths, sinks or toilets or a leaking dishwasher or washing machine. Insurers in the UK pay out £1.8 million for this type of claim every single day.

This isn’t surprising when you think about the damage a burst pipe can cause – the highest claim ever paid out by Hamilton Fraser Total Landlord Insurance was for £145,855 after a slow leak underneath a bath rotted most of the flooring in a building. But although it’s the most common type of claim, there are some simple preventative measures landlords can take to avoid this.

Regular maintenance is key, particularly during the winter when pipes are more likely to freeze and burst or your heating system is more likely to develop a leak. Be sure to carry out regular inspections, including checking for leaks, insulate pipes and get the boiler serviced every 12 months.

It’s also a good idea to set your thermostat to 12/13 °C day and night between November and April when the property is unoccupied. Above all, make sure that your tenants know they should contact you as soon as they spot any damage or leaks. Find out more about how to prevent burst pipes in your rental property.

2. Storm damage

In second place are storm claims. Although these account for less than half the amount of claims than escape of water, at 12.5 per cent of all claims, they are on the increase as severe weather events and named storms become more common – almost doubling over the last five years. While the average payout over the last five years is £2,428, the highest ever was for £77,000 in 2020, when a flash flood submerged the ground floor of a house and the tenants had to be rescued from a first floor window!

During the past five years 64 per cent of storm damage claims have been for roof damage, so be sure to include an external inspection on visits to the property, paying particular attention to any loose roof tiles as well as gutters, downpipes, trees and fences. Find out more about protecting your rental property against storms.

3. Accidental damage

Coming in at number three are claims for accidental damage. This could be anything from your tenant banging a nail into a water pipe to a child kicking a ball through a window. It’s the landlord’s responsibility to pay for the repairs to the building even if the accidental damage was caused by the tenants. While accidents can and do happen, vetting your tenants thoroughly and carrying out regular maintenance and inspections for your tenants’ safety and your own peace of mind should help minimise accidental damage and ensure you don’t invalidate any required claim on your policy if needed.

The highest claim paid out by Hamilton Fraser Total Landlord Insurance for accidental damage in the last five years was for £41,316 for repairs and loss of rent, when a drain on the street owned by the waterboard collapsed, causing dirty water to seep into the insured property through the kitchen and bathroom sinks. Another considerable claim was for £27,694 when the water tank in the loft failed due to age and stress, causing the water tank to collapse through the ceiling, spilling its contents throughout the property. These cases highlight the importance of making sure the property is well maintained, but also that accidents sometimes happen that are beyond a landlord’s control.

4. Break in

The fourth most common claim over the last five years at Hamilton Fraser Total Landlord Insurance has been for break in – when somebody attempts to enter or forces entry into a building illegally. There are obviously quite a few things landlords can do to deter people from breaking in, for example installing a burglar alarm, motion sensors, deadbolts and locks. But it’s also up to the tenant to make sure the property is secure.

The highest claim for break in ever paid out by Hamilton Fraser Total Landlord Insurance was in 2018, for £80,438, after the perpetrators ripped copper piping and radiators from the walls and smashed up the bathroom to access pipes, causing severe water damage. Make sure your property is secure by following the advice in Hamilton Fraser’s ultimate guide to securing your rental property.

5. Subsidence

Claims for subsidence – the downward movement of the ground beneath the property which can make the foundations unstable – have crept into the top five since 2017. But while they only accounted for 6.5 per cent of all Hamilton Fraser Total Landlord Insurance’s claims over the last five years, subsidence claims have the second highest average payout, coming in at a substantial £6,922, and with one ongoing claim for subsidence in 2017 resulting in a payout of £82,900.

With subsidence on the rise due to climate change, it’s important for landlords and tenants to be on the lookout for the warning signs, especially after the summer months. Identification and treatment of subsidence sooner rather than later is critical to stop the issue from escalating. Find out more about how to spot subsidence and what to do if you have it.

The high-value claims that don’t make the top 5

It’s important for landlords to know what the most common claims are so that they can take action to reduce risks – lagging pipes and making sure roof tiles are secure for example. But it’s also worth knowing that the most common claims aren’t necessarily the most expensive. In fact, subsidence aside, two of the top three claims with the average highest payouts – fire and malicious damage – don’t even make the top five most common claims.

Fire

Although fire claims don’t make the top five when it comes to the proportion of claims paid out by Hamilton Fraser Total Landlord Insurance, fire claims are top of the list for average payouts, coming in at a hefty £22,558. Fortunately, only four per cent of claims over the last five years were for fire. But it’s worth knowing that, according to Firemark, people who live in rented or shared accommodation are seven times more likely to experience a fire.

While domestic fires have been steadily decreasing, almost half of fires reported in 2019 – 2020 were caused by faulty appliances or misuse of equipment. In one case, a bed was left leaning against the wall too close to a wall light, setting fire to the bed.

The tenants tried to pull the mattress through the house to get it out of the property, but despite their best intentions, this caused damage throughout the property on all floors, resulting in an eye-watering payout of £241,676 – the highest single claim Hamilton Fraser Total Landlord Insurance has paid out in the last five years.

Tenant education is clearly key when it comes to any risk that may result in a claim, and fire is no exception. However, it’s up to the landlord to carry out regular portable appliance testing, to make sure all gas fittings are well maintained and in good condition and that annual safety checks are carried out by a Gas Safe registered tradesperson. You can find more detailed guidance in the guide, How to reduce the likelihood of fire in your rental property.

Malicious damage

Finally, malicious damage deserves a special mention. Hamilton Fraser Total Landlord Insurance paid out an average of £6,127 for malicious damage over the last five years, the third highest average amount. Malicious damage is on the rise and is reported to be one of the top three most commonly made insurance claims for landlords in the UK (although not at Hamilton Fraser Total Landlord Insurance, thankfully), so it’s well worth adding it to your policy.

That way you won’t be out of pocket if you have the misfortune of a tenant or their guests damaging your property on purpose. Claims for malicious damage can run into tens of thousands – Hamilton Fraser Total Landlord Insurance paid out £44,289 when tenants created a cannabis factory in a property, overriding the electrics and installing sprinklers, causing water damage throughout. Malicious damage is included in Hamilton Fraser Total Landlord Insurance’s Premier policy as standard.

Forewarned is forearmed when it comes to understanding the risks associated with renting out a property. The best way to reduce the risks is to make sure you carry out thorough tenant referencing, do regular inspections and maintenance, and establish a good working relationship with your tenants. Dealing with things early on, paying particular attention to the most common risks such as burst pipes, can help you avoid minor issues escalating into bigger problems that are going to eat into your profits.

But no matter how well prepared you are, it’s important to have the best landlord insurance cover for you in place to provide comprehensive cover that meets your needs.

As a valued LandlordZONE reader you’re entitled to 20% off Hamilton Fraser Total Landlord Insurance’s policies, call the team today on 0800 63 43 880 quoting code LZ2021 or get a quote online in under 4 minutes. 

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – EXCLUSIVE: Costliest and most common landlord insurance claims | LandlordZONE.

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Get ready to spend money on your commercial buildings…

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It doesn’t take a genius to work out that as we get nearer to the Government’s commitment to net zero carbon emissions by 2050 – and all the other the interim targets – landlords will need to invest considerable amounts of cash into their commercial buildings.

It has been suggested that around 5% of rental income will be required to pay for necessary up-grade on existing buildings. It will take a lot of work to bring some of them up to a standard where they meet the required energy efficiency levels required of the future.

Following the recent publication of the government’s new Industrial Decarbonisation Strategy, the British Property Federation is calling for a roadmap that will give owners a steer for longer term net-zero regulatory requirements on commercial buildings.

Further consultations

The new Government strategy, including a second consultation on the Minimum Energy Efficiency Standards (MEES) for commercial buildings, sets out a target of an EPC rating of “B” for all commercial properties by 2030.

It is also planned that a new set of rules are needed for measuring the energy performance of commercial and industrial buildings. Performance-based energy ratings will apply in an initial first phase to all commercial offices above 1,000 sqm in England and Wales. Department for Business, Energy & Industrial Strategy figures show there are approximately 10,000 office buildings fitting the criteria.

Given that owners are making decisions now for existing buildings and new developments that will go beyond 2030, the British Property Federation is urging the Government to provide a net-zero regulatory roadmap beyond 2030.

Making plans for the future

Land Securities, one of Britain’s biggest commercial landlords, owner of the Bluewater shopping centre in Kent and the Piccadilly Lights in central London, is planning to spend £135million bringing its properties up to standard.

The owner of an £11 billion portfolio of shopping centres, offices and leisure complexes around the country will start removing gas boilers and replacing them with electric alternatives such as air source heat pumps, installing LED lighting and adding more solar panels to its portfolio of buildings.

The company also plans to use more technology to help its tenants reduce their energy consumption. The group calculates that these changes can cut its carbon emissions by 70 per cent and bring all its buildings up to an energy performance certificate (EPC) rating of B or above by 2030, in good time to meet the deadline set by the government for commercial landlords.

Land Securities chief CEO Mark Allan says:

“What all the occupiers are saying is that the quality of the space is really important. If [companies] haven’t got the right quality of space or the right sustainability credentials, then they are really struggling to attract the right calibre of staff into their business.”

As a commercial landlord Landsec has recognised the importance of serving its tenants’ needs in relation to environmental issues, those being: “not only essential from an environmental perspective but an economic one too” says Allan.

Analysts had estimated that it could cost the company upwards of £300 million to bring all of its buildings up to standard by the end of the decade, but Allan has said that he is “very confident” in his team’s costings.

Land Securities is now chasing £33 million in unpaid rent owed from during the pandemic, but says its rent collection rates are creeping back towards normal, with 91 per cent collected for the current quarter compared with 78 per cent at this point last year.

Shares in the company have risen by around 4 per cent, to 744p, their highest point in six months. The company is still listed as a FTSE100 company with a market valuation of around £53 billion!

In the six months to the end of September the company made a profit before tax of £275 million, that’s compared to an £835 million loss in the same period in 2020.

Mark Allan has said that they have seen a “marked and sustained increase in activity and office utilisation” since September, that’s particularly the case in London. “Anyone who has tried to make a restaurant reservation in London in recent weeks will know how busy the centre of town has been” Allan says.

With more and more people drifting back to city centres, it’s giving companies like Landsec the confidence to plan ahead and commit to investing in existing space and new space.

How to improve your commercial property EPC rating:

Many commercial property owners with existing space will find that their EPC rating isn’t as high as will be needed in the near future. They now need to be planning to make changes to the energy efficiency of their buildings to meet the new government standards.

There are many fairly straightforward and inexpensive ways to start, such as the following:

• Fit all LED light bulbs for a quick and inexpensive way to improve your EPC rating
• Insulate the walls and ceilings with at least 270mm thickness to and fill the cavity walls with insulation. With solid walls there are many new products on the market to line both internal and external walls
• Install double or even triple glazing, good amount of energy is lost through windows
• Replacing the heating boilers with modern equivalents or even air source / ground source heat pumps. Just switching to a newer model can make huge difference to your EPC ratings
• Fit smart heating controls such as intelligent thermostats
• Upgrading your air conditioning systems to more energy-efficient models
• Depending on the location and facilities, consider solar panels and wind turbines.

Previous EPCs will provide guidance – you should do your research and consult experts before deciding on an overall energy saving strategy.

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – Get ready to spend money on your commercial buildings… | LandlordZONE.

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How to buy property at auction with winning bidding strategies

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In this video, Jay Howard, Rod Turner, Piotr Rusinek and I explain how to buy property at auction with winning bidding strategies.

Ws also analyse two property investment deals coming up at auction, which includes a ‘Cop Shop’

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Inflation taking its toll on your cash reserves

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The savings market has seen some top-rate accounts improving since last month, but not on shorter-term fixed bonds. However, inflation continues to take its toll on the true spending power cash. The latest analysis from Moneyfacts.co.uk reveals the top rate deals available to savers searching for a competitive return.

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