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Friday, March 27, 2009

Tourist budget paradise


28/3/2009

A study released this week has shown that Portugal currently has the cheapest hotel rooms on offer in any major European destination. The survey showed that with the onset of the global economic crisis, Portuguese hoteliers acted swiftly, and during the final quarter of 2008, hotel rooms in the country cost an average of 77 euros a night, down 12 percent from prices being paid for the same period a year earlier.

The data released this week by Hotels.com’s Hotel Price Index (HPI) is a regular survey of hotel prices in major destinations across the world.

According to the results obtained in the Hotel Price Index, it finds that “Portugal has become the country with cheapest hotels in the context of the European countries surveyed, accompanying the trend of falling prices in the rest of Europe and the world”.

The HPI tracks the real prices paid per room from a wide basket of hotels, weighted to represent hotels in every star category in major destinations.

Approximately 68,000 hotels in over 6,500 locations make up the sample of hotels from which prices are taken. The prices shown are those actually paid by customers (rather than advertised rates), and therefore give an accurate reflection of hotel prices for the period.

On a global level, the average cost of a night’s accommodation at a hotel also fell by 12 percent during the last three months of 2008, and the rates being charged in December, a peak holiday period, were only one percent above values charged in January 2004, a month when hotels are generally at their emptiest.

All Portuguese cities surveyed recorded drops, with Lisbon and Oporto reporting the biggest cuts.

However, Lisbon hotels remain the costliest in the country, with one night costing an average of 90 euros.

Albufeira is the cheapest for hotel accommodation, with an average of just under 50 euros a night for a room, though the drop in price is only three percent down when compared with prices 12 months earlier.

Coming in behind Portugal in the list of cheapest hotels is the Czech Republic (78 euros), Hungary (81 euros), Poland (85 euros) and the Republic of Ireland (89 euros)

While still expensive by comparison, hotel prices in Britain were those that recorded the biggest reduction, with prices falling 24 percent in the space of a year to an average of 116 euros a night, though the weaker pound shares a large part of the blame.

Chairman of Hotels.com, David Roche explained that “Room rates dropped significantly in the final three months of last year as hoteliers around the world cut prices to try to fill their rooms”, adding that “While last autumn North America was the only continent to see the average room price fall, the latest hotel price index shows the economic downturn is now affecting hotel prices on all continents.”

Source :

the Portuguese news

Portugal dethrones Spain as top overseas home destination

 

Portugal dethrones Spain as top overseas home destination
28/3/2009

Portugal is now the most searched for destination to buy a home abroad based on country page views, and property views, the Homesoverseas website revealed after updating page views and visits.

Explaining the latest shift towards Portugal by Britons looking to purchase a home abroad, the website www.homes

overseas.co.uk explains that Spain’s woes, such as a string of property scandals, corruption, oversupply of housing, and dodgy legislation, such as Valencia’s ‘land grab’ law - has led people to look for property in Portugal.

Portugal has leapt from fourth – two months ago - to the primary most searched for destination to buy a home abroad, on their website.

Other movers were: Italy, up from fourth to third, Greece, up from seventh to sixth, Thailand, up from 14th to ninth, and Brazil, up from 15th to tenth.

In spite of the global economic downturn, Brits’ appetite for property overseas remains firm, based on enquiries for properties to buy of Homes Overseas online.

The top ten most searched for destinations in which to buy a home overseas at the moment, are in order, Portugal, Spain, Italy, France, United States of America, Greece, Turkey, Cyprus, Thailand and Brazil

7% Rental guarentee for 3 years on Portimao race circuit

Mexilhoeira Grande
Price: € 289,000

Property Ref: BPP-1386





Description

EXPERIENCE THE EXCITEMENT!!! Luxury apartments on the Portimão Racetrack - Autodromo do Algarve, with fantastic rental guarantee. 7% guaranteed rent for 3 years! Residences will be finished to a 5-star specification and luxuriously furnished. They will be equipped with air conditioning and substantial balconies with impressive scenic views. Owners will have access to their residence for 2 weeks per annum, but additional or extended usage rights are availableOwners have access to the race circuit and paddock. For all information please contact us and we can email you the investor file with all information you need.
More information on http://www.algarveracecircuit.com

Features

Business:
Sell

Type:
Apartment

Country:
Portugal

Region:

District:
Faro (Algarve)

Council:
Portimão

Municipality:
Mexilhoeira Grande

Bedrooms:
1

Bathrooms:
1

Size of Plot:

Size of Building:
76 m²

Swimming Pool:
Yes

Year of Construction:
2010

http://www.buypropertyportugal.com/property.php?id=3457&url=properties_list.php

or www.algarveracecircuit.com

Saturday, March 21, 2009

7% Rental guarantee for 3 years on Portimao race circuit


Prices from € 289,000

Property Ref: BPP-1386




Description

EXPERIENCE THE EXCITEMENT!!! Luxury apartments on the Portimão Racetrack - Autodromo do Algarve, with fantastic rental guarantee. 7% guaranteed rent for 3 years!

Residences will be finished to a 5-star specification and luxuriously furnished. They will be equipped with air conditioning and substantial balconies with impressive scenic views.

Owners will have access to their residence for 2 weeks per annum, but additional or extended usage rights are available.

Owners have access to the race circuit and paddock. To download the investor file with all information please and more information in regards the project check out  http://www.algarveracecircuit.com 

for further information www.buypropertyportugal.com or c

all direct our 24 hour service hotline on +351 282 353 019

Friday, March 13, 2009

Luxury properties for sale on Algarve race circuit

The Algarve

With over 300 days of sunshine, the Algarve is one of the few places reachable from all of Europe’s main capitals in about 3 hours flight. The Algarve has mild winters, praised by many golfers, and pleasant temperatures in the summer. Combine this with high quality real estate, a good road and infrastructure network, countless blue flag beaches, the always friendly Portuguese people and you have a winner!

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Portugal, has a lot to offer – it is famous for low crime rates, clean air, good food and nice. Low cost airlines can fly directly from all major destinations into Faro airport. In 2009, there is also an increase in flights to Eastern Europe and Russia, sure to attract new markets.

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Private investors have funded 200 million Euros to create one of the world’s best race circuits near Portimao. The circuit was opened in late 2008 with the World cup Superbikes and in 2009 they are fully booked with activities all year round - a fantastic result, encouraging for tourism in the Algarve and investors.

We are very proud to present to you the exclusive luxury of owning an apartment in the Algarve Race Circuit!

Located within the motor sports complex, the apartments are unique in their location and offer a guaranteed annual rental return of 7% for 3 years.

They will be managed as part of a hotel operation by the world renowned Radisson resort (5 star), so you can be assured of the upmost service and quality.

With today´s bank rates being at an all time low, a guaranteed rental return of 7% represents a good alternative to putting your money into the bank.

For buyers 2 VIP tickets are offered to visit all the events throughout the year! The VIP passes are valid for 5 years.

A unique investment opportunity to become the owner of a luxury property on the Algarve race circuit!

General information about the Autodromo do Algarve

One of the biggest financial investments to date in the Algarve has been made in the picturesque village of Pereira, between Portimao and Monchique, with a total investment nearing Euro 200 Million.

The motor park is the most advanced in Europe and many Formula 1 teams have already risen to the challenge and booked their tests for the winter of 2009/2010.

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The Autodromo International de Portimao is equipped to hold events across the whole motor sports spectrum, from Formula 1, Rally Sprints, GT races, Le mans, Super Bikes and much more. Because of the region’s excellent weather conditions, the complex will be permanently in use.

In addition to the racing track, the complex includes a 1,5 km international standard karting circuit, medical centre, off-road facilities, car maintenance and support zones, a grandstand, VIP area, picnic area, Sport facilities and Spa, Physical treatment facilities, Restaurants, shops, museum and a hotel with further apartments.

There will also be a Technology Park of which 40,000m2 is reserved already to A1GP & a GP2 team - This is expected to be a real driver of business into the apartments and hotel!

Furthermore the karting circuit, the large sports complex as well as the off-road centre will bring visitors onto the park whole year around. All these activities and surrounding events will result in cumulative demand for accommodation, making these residences a worthwhile investment.

The Autodromo do Algarve is a masterpiece of fun, excitement and luxury services all in one!

Designed to incorporate the best features of the world's leading F1 circuits, the Autodromo has capacity for 150,000 spectators. The circuit has been constructed by studying and visiting various racing circuits across the world, and was created by capturing the best features of each.

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Hotel Resort & Apartments

The Radisson Hotels and Resorts Group provides 5-star quality hotel facilities within the complex which includes indoor and outdoor swimming pools, a Spa, tennis courts and an equestrian centre. With access to many championship golf courses nearby, this venue is sure to be a favourite on the European circuit.

The Radisson Group will also manage the 160 luxury tourist apartments ( 1 / 2 / 3 bedroom) which are integrated within the complex. The complex will also have a swimming pool, tennis courts, solarium, a games arena, and Reception area.

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Radisson Hotels and Resorts, with involvement in 395 hotels in 65 countries, is one of the world's leading, full-service, global hotel groups. Their aim is to provide today’s discerning business and leisure traveller with service and quality which will make theirs the hotel of choice.

The valuation of the properties has actually gone up in comparison to November 08 and BANF bank offers an 80% mortgage on the properties. Combined with the annual 7% net rental guarantee for 3 years, this is truly a fantastic investment!

For clients purchasing their units now we can offer 2 VIP passes to visit all the events throughout the year! The VIP passes are valid for 5 years.

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The unique location and facilities offered on site make these apartments an exclusive one in a lifetime opportunity!

Think about it - where in Europe will you find a world class race circuit with all facilities on site and within 10 minutes drive from gorgeous sundrenched beaches, world famous golf courses and exciting nightlife?

The 160 luxury apartments offer:

¶ Unique location adjacent to Europe’s most modern racetrack complex.

¶ Direct 5km link to A22 motorway.

¶ Radisson SAS managed and serviced.

¶ Full access to Radisson hotel facilities.

¶ 3-year, 7% annual rental guarantee.

¶ 8-10% historical annual capital

appreciation on Algarve.

¶ 70-80% finance available.

¶ 2xVIP pass to the circuit

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clip_image002[22]There are only 160 units for sale, destined for those who are looking to find an exclusive and “once in a lifetime” opportunity

Prices

There are currently 3 types of apartments available, 1, 2 and 3 bed units. All prices are including furniture and the full price can be financed up to a maximum of 80%.*

¶ Prices for the 1 bedroom units start at Euro 289.000 up to Euro 337.000**

¶ Prices for the 2 bedroom units start at Euro 389.000 up to Euro 399.000**

¶ Prices for the 3 bedroom units start at Euro 489.000 up to Euro 499.000**

All apartments are furnished, fully equipped and finished to a state of the art standard throughout

*Financing depends on your own personal situation, for non-residents mortgages between 70-80% of the bank valuation can be secured, subject to your personal financial circumstances. The prices displayed are equal to bank valuations done by BANF bank in February 09. We can assist with your mortgage approval or you can use an independent mortgage broker from a bank of your preference.

**For the latest pricelist please email us at info@algarveracecircuit.com

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Conditions & Payment

Guaranteed annual rental income

The hotel operating company will provide a 7% annual guaranteed rent for 3 years on all Residences. Projections suggest the average rental yield for Residences under management will be in excess of 5% per annum. The properties are a freehold purchase. Contracts are available in Portuguese and English.

Financing

A mortgage pack is available offering purchasers up to 80% loan to value.

The valuation of the entire apartment complex has appreciated from a valuation in November ’08, and thereby it is really good news in the current market.

Some of the attractive financing conditions are:

- Interest Only up to 5 years or 20% of the loan amount during the whole term of the loan

- Benchmark Interest rate at 3, 6 or 12-month EURIBOR, as chosen by client.

- 50% of deposit finance is offered, with a spread of 3%

- Reduced valuation cost only €87,50 plus VAT as opposed to €175,00 plus IVA

- Possibility of purchasing 2 apartments but maximum LTV offered will be 50% on both

- All mortgage applicants can be pre-qualified.

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Purchase Process

Reservation Agreement signed and €6,000 paid to reserve a Residence.

Promissory Contract signed and the agreed deposit paid.

Fiscal number obtained from the local tax office, completed by your legal representative.

Ø 6.5% MT tax (stamp duty) based on the purchase price of the property excluding the value of fixtures and fittings.

Ø IMI (local) tax is payable at a rate of 0.8% P.A.

Ø Legal fees are paid at a rate of between 1% to 1.5%, a more favorable rate will be made available to Residence purchasers.

Ø Typical land registration fees are circa €400.

Payment terms:

€6,000 to reserve your Residence

25% on signing promissory contracts

The remaining balance paid on signing the deed, which happens on delivery of the finished apartment.

Structure

Property Ownership

Buyer becomes full owner of the property and grants a 20 year Management agreement to the operating company.

Owner has 2 weeks free usage annually.

Owner can sell the property at any time.

Hotel Operating Company

Owned by Barry Harte Holdings Limited i.e. Harte Holdings.

Radisson Hotels has a 20-year management agreement for the hotel and apartments.

Hotel operating company guarantees property owners a 7% rental income for 3 years.

Radisson will manage and market the apartments to maximize income for owners.

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Contact details

Exclusive Living Mediação Imobiliaria Lda

Rua Ernesto Cabrita, Edificio Vales, Loja-A

8400-387, Lagoa, Algarve, Portugal

Portuguese government licensed

Real Estate Agents, licensed under AMI-7516

Office +351 282 353 019

Fax +351 282 381 421

Mobile +351 918 024 082 (24 hours a day, 7 days a week)

Email                                                                               info@eavillas.com

For further information about the race circuit properties    www.AlgarveRaceCircuit.com

For luxury properties in the Algarve                                   www.ExclusiveAlgarveVillas.com

Properties from Sagres to VRS Antonio                              www.BuyPropertyAlgarve.com

For properties for sale throughout Portugal                        www.BuyPropertyPortugal.com

Kindly we would like to inform you of the following:

Projections are based on the track establishing itself during years 1-3 (growth rate of 8% P.A. projected), with accelerated appreciation thereafter due to high profile track activities.

Taxes, laws, prices and regulations may be different at the moment of purchase, please verify your personal (tax) situation with your lawyer.

The information on this website is for informational purposes. The information was correct on the moment of publishing however can be different on the moment of purchase. Exclusive Living Mediação Imobiliaria Lda. always advises to use independent lawyers, mortgage brokers and other legal advisors. Our company is licensed under AMI -7516

Future of A1GP lies in the Algarve


Updated: 12-Mar-2009

The A1GP road show rolls into the Algarve for the first time between April 10 and 12.
The A1GP road show rolls into the Algarve for the first time between April 10 and 12.


Plans to move the A1GP car factory from its current home in the UK to the sunny climes of the Algarve are well underway, according to local politician Manuel da Luz.
Manuel da Luz, Portimão Câmara President, announced at an election campaign party that an accord has been finalised for the building of an A1GP car factory at the Algarve Motor Park.
He told the assembled crowd of more than 1,500 people: “This represents the creation of about 350 direct jobs plus further indirect jobs in the area.”


The project is predicted to cost 30 million euros and this money will be used to build a high technology factory to construct the cars for the A1GP World Cup of Motorsport, he said.


CEO of Parkalgar, Paulo Pinheiro, told Portuguese news agency Lusa: “We believe that the construction of the A1GP factory will begin in the first half of 2009” and confirmed that A1GP had bought two lots at the technology park situated at the Motor Park.
Although Manuel da Luz was eager to convey the news of the move, officials from A1GP were unable to confirm the details.
Jo Crosby from A1GP told the Algarve Resident: “A1GP is currently in negotiations to move our operations department to Portugal. However, at this stage I am afraid that until negotiations are completed we cannot comment any further on this matter.”

A1GP Team Portugal driver Filipe Albuquerque ahead of A1GP Team Great Britain driver Danny Watts at the Sepang, Malaysia race in November. Team GB currently lie in 10th in the A1GP World Cup with Portugal challenging for the title in third position. Plans to move A1GP factories to the Algarve reflect the confidence of the motorsport industry in the Algarve. Photos: A1GP.com
A1GP Team Portugal driver Filipe Albuquerque ahead of A1GP Team Great Britain driver Danny Watts at the Sepang, Malaysia race in November. Team GB currently lie in 10th in the A1GP World Cup with Portugal challenging for the title in third position. Plans to move A1GP factories to the Algarve reflect the confidence of the motorsport industry in the Algarve. Photos: A1GP.com

It’s coming!
Meanwhile, motor racing fans have less than a month to wait before the A1GP road show rolls into the Algarve for the first time between April 10 and 12.
The A1GP Algarve, Portugal race, to be held at the Algarve Motor Park will be the sixth event on the A1GP calendar.
According to a spokesman from A1GP: “The brand new venue is one of the most eagerly awaited on the calendar, by the series in general and the A1 Team Portugal in particular.”
Tickets to the A1GP are available from the Algarve Motor Park website from 25 euros for a single day ticket and 35 euros for a three day pass.
For further information about properties for sale on the racetrack visit www.AlgarveRaceCircuit.com or call +351 282 353 019

Thursday, March 12, 2009

F1 tech races into ordinary life

 

A new exhibition demonstrating how technology from Formula One racing influences more pedestrian pursuits has opened at the Science Museum in London.

It includes examples ranging from an F1-inspired wheelchair to non-slip boots and hi-tech fishing line.

As the exhibition demonstrates, the safety features, tyre design and even organisation of pit crews have a far-reaching effect on everyday life.

The exhibition will run until 05 March 2010.

Speaking at the launch, McLaren chief executive Ron Dennis said that the exhibition was not solely a chance to reflect on the innovations from Formula One.

"The most powerful role to be played is to inspire the next generation of Britons to embrace science, technology and engineering to innovate and provide answers to the challenges of tomorrow," he said.

Many of the objects and technologies on show have been developed in collaboration with Formula One experts, rather than just borrowing the ideas wholesale.

"Formula One engineers - like many engineers - really have a driving spirit about problem solving," said Katie Maggs, curator of the exhibition, titled Fast Forward: 20 ways F1 is changing our world.

"They're people who have a real expertise that are then being invited to work on a project and really applying that expertise to a different field to solve a problem."

Carbon copies

F1-inspired wheelchair

The new wheelchair mimics the 'monocoque' design of an F1 cockpit

One of the principal advances in technology that Formula One has inspired is the regular use of carbon fibre - famed for its strength-to-weight ratio.

Carbon fibre now makes up the whole of Formula One cars' "monocoques" - the shell that safely encloses drivers.

The material properties of carbon fibre mean that its structural support is provided from its outside surface, rather than from a stiff internal frame.

While carbon fibre was used in the aerospace industry with mixed results from the 1960s onwards, it triggered a revolution in racing when UK engineer John Barnard joined McLaren and designed the first carbon-fibre composite monocoque in 1981.

Not only was it a design to trickle throughout the racing industry as standard, it has also inspired a number of designs that are on display at the Science Museum.

A carbon-fibre wheelchair, for example, envelops its passenger in a custom-fit, monocoque-inspired design that is as light yet strong as its racing counterpart.

A smaller monocoque is evident in the BabyPod, a tough carbon-fibre transport vehicle designed to, for example, transfer infants from hospital to helicopter and back.

BabyPod carbon fibre transporter

The BabyPod protects infants with the same one-piece design known to F1 engineers

Apart from a monocoque structure, carbon fibre can lend its incredible strength to other applications. For design buffs, John Barnard has gone on to design a carbon-fibre dining table, 4m long and just 2mm thick at its edge.

McLaren Applied Technologies, a spin-out company of the racing team with whom the Science Museum has collaborated on the exhibition, also has its work on display.

Their projects include a leg brace designed to absorb impact that can over time damage knees. A testament to F1's expertise in biomechanics, the brace is already in use by the US military.

The firm is also working to develop carbon-fibre composite seats for military vehicles to absorb the impact of mine explosions.

Streamlining

Surgical team

The move from the theatre to intensive care can be fraught with difficulties

However, not all of the innovations on display have to do with tangible technologies.

Doctors from the Great Ormond Street Hospital in London contacted the Ferrari and McLaren F1 teams in the hopes learning from the tight organisation of their pit crews.

In a video analysis of the handover from the operating theatre to the intensive care unit, the pit teams worked with doctors to make the process more efficient and less error-prone.

"The doctors really believed they were doing everything to the best of their ability, but watching it with the pit crew teams, seeing how they manage their routines, they were really surprised," said Ms Maggs.

"They used to find small errors that can eventually amplify into real problems," she added.

"By working with the F1 teams, they managed to reduce the technical errors and the information communication errors by 40%. They've completely changed their process; now it's really streamlined."

The everyday

Beyond high-performance dining tables and surgical teams, there are also spin-offs of F1 technology that are likely to touch our lives in more subtle ways.

Non-slip boot wearers

Fast on their feet: non slip boots from track to factory floor

The abandonment of "slicks" - tyres without grooves - in Formula One for a decade led to great leaps in tyre design that are now seeing application elsewhere.

On one hand, F1 tyre design has gone on to inspire the manufacture of incredibly effective non-slip boots.

On another, the attempts to reduce the amount of rubber in contact with the track has led to the design of fishing line with a star-shaped cross-section, reducing drag on the fishing pole's guides and allowing anglers to cast further.

Perhaps the most practical item on display at the exhibition, however, is a simple fitting for a boiler. Formula One engine oil filters use strong magnets to pull iron and magnetite out of the oil that could damage the precision-milled surfaces of the engine.

At home, similar particles clog up boilers and radiators, so an in-line filter employing the same technology has been developed and is already available.

As a result, says Katie Maggs, "your radiator is far more efficient and helps you reduce energy consumption.

"It just goes to show that this technology transfer really does affect the common man or woman.

 

Source

http://newsvote.bbc.co.uk/2/hi/technology/7934857.stm

Tuesday, March 10, 2009

Saving rates drop to record low

Putting money in the banks doesn’t bring much nowadays. Why not opt for a property in the Algarve with guaranteed rental income of 7% for 3 years ?

 

The www.algarveracecircuit.com apartments are a unique and one of opportunity, located on the Algarve Motor Park complex it has a lot to offer.

Bank of England

The Bank of England's figures show the effect of its rate cuts

The average interest rate for savers who want instant access to their money is now barely above zero, figures show.

The Bank of England said that the average rate for UK instant access accounts - including current accounts - was 0.17% at the end of February.

This figure does not take into account any reductions that might have come following the half a percentage point cut in the Bank rate in March.

Lower interest rates have benefitted many people with variable mortgages.

The experience of people with tracker mortgages, whose repayments have dropped markedly, has also been in sharp contrast to savers - particularly pensioners who live off interest from life savings.

Low rates

Customers with branch-based notice accounts are also seeing little return for their savings. The average rate at the end of February was 0.18%, half the rate of a month earlier.

Savers are being punished for the mistakes of others

Kevin Mountford, Moneysupermarket.com

Have rates reached rock bottom?

BBC guide to savings help

The average rate on instant access accounts - including current accounts - was down from 2.69% at the same time last year, and 0.28% at the end of January.

"Savers are being punished for the mistakes of others. And that so many are looking to find better rates at a time when you would imagine security and service would be paramount, shows just how badly savers are being squeezed," said Kevin Mountford, head of banking at Moneysupermarket.com.

The average interest rate for cash ISAs at the end of February was 0.96%, down from 1.38% at the end of January and 5.06% from a year earlier.

However, the average interest on fixed rate bonds rose slightly from 2.49% at the end of January to 2.56% at the end of February, although this was down from 5.21% a year ago.

Borrowers' bounty

The Bank's figures show that falling interest rates have led to lower repayments for many mortgage customers.

Pennies

Watching the pennies has become a bigger issue in the downturn

Those on a standard variable rate (SVR) deal - the only deal with interest levels purely at the discretion of lenders - were paying an average of 4.41% interest at the end of February, compared with 7.5% a year earlier.

The figures show that neither borrowers nor savers have witnessed the recent cuts in the Bank rate passed on in full.

The Bank's Monetary Policy Committee has cut the Bank rate for six months in succession - down from 5% in October 2008 to 0.5% now.

Experts, including the governor of the Bank, have said that rates cannot really fall any further, although some have suggested that longer-term fixed-rate mortgage deals could become cheaper over time.

It is difficult to tell exactly how many people in the UK are savers and how many people are borrowers.

It is safe to say that there are more savers, but the key point is that, overall, UK householders are net borrowers.

Total household savings are £987bn with banks and building societies, plus £90bn in National Savings. Borrowings include £1,225bn of mortgage debt and £233bn of other consumer debts.

The difference - known as the funding gap - has been filled by banks borrowing in wholesale markets, with much of the money coming from abroad.

 

Source bbc.co.uk

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