Money blog: House prices hit two-year high – see the average cost in your region

By Jimmy Rice, Money blog editor

Away from Oasis ticket prices, the news agenda in Money this week was dominated by pensions.

We learned on Wednesday that the state pension looks set to rise by just below 4% next April – equalling around £400 extra per year for those on the full state pension.

Pre-2016 retirees who may be eligible for the secondary state pension could see a £300 per year increase.

Because of the triple lock, each year the state pension rises by whatever is highest from inflation, average wage growth or 2.5%.

Officials did nothing to downplay a BBC report, apparently based on internal Treasury figures, that average wage growth would be the highest of these this year.

The figures that would be used to set next April’s rise are released next week but the OBR forecast is for 3.7% – which would take the full state pension to around £12,000.

Whether or not pensioners would view this as good news is up for debate (see our last post), but there was definite bad news for older Britons earlier in the week, as Chancellor Rachel Reeves refused to rule out heavier taxation on pensions in the October budget.

How could pensions be taxed further? We had a look here…

Ms Reeves also confirmed on Tuesday that she’d impose a cap on corporation tax.

She said the tax would be capped at its current level of 25% to “give business the confidence to grow”.

A final piece of news from Money this week that could have consequences for your bank balance was confirmation that the Household Support Fund would be extended until April.

Councils decide how to dish out their share of the fund but it’s often via cash grants or vouchers. Many councils also use the cash to work with local charities and community groups to provide residents with key appliances, school uniforms, cookery classes and items to improve energy efficiency in the home.

People should contact their local council for details on how to apply for the Household Support Fund – they can find their council here.

On the Oasis ticket price story, which continued to make headlines through the week including today, a post in Money appeared to help prompt a U-turn from official reseller Twickets.

The company told us it would be lowering its fees after criticism online…

Unofficial resellers were also in the spotlight and, on an episode of the Daily podcast, Niall Paterson spoke to Viagogo – eliciting an admission that things need to change…

Here in Money, we published a few explainers that are well worth checking out…

We’ll be back with live updates on Monday – but do check out our Money blog spin-off tomorrow, a student finance special.

Have a good weekend.

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