Current Account Switch Service Celebrates 10th Anniversary with Over 9.6 Million Successful Switches
Pubs Closure Rate Soars by 50% in Latest Quarter
Record Number of Homes for Sale Experience Price Cuts
Current Account Switch Service Celebrates 10th Anniversary with Over 9.6 Million Successful Switches
The Current Account Switch Service (Cass), a valuable service that simplifies the process of switching current account providers, marked its 10th anniversary over the weekend. Since its launch on September 16, 2013, Cass has facilitated more than 9.6 million successful switches for current account holders, offering a seamless transition to new banking providers.
This free-to-use service is available to individuals, small businesses, and small charities, making it accessible to a broad range of customers. Cass not only streamlines the often cumbersome process of switching but also provides a guarantee that serves as a safety net in case any issues arise during the transition.
Recent data from Cass indicates a noticeable uptick in people opting to switch their current accounts. In particular, November 8, 2022, stood out as the most popular date for switching, with a remarkable 13,566 switches recorded. The current environment of rising interest rates has attracted some switchers with the prospect of competitive savings account rates linked to their new current account.
Furthermore, some current account providers have been incentivizing switching with offers such as cash incentives of up to £200, as well as cashback rewards for specific types of spending.
Pubs Closure Rate Soars by 50% in Latest Quarter
New figures from commercial property specialists Altus Group reveal a concerning trend in the closure of pubs across England and Wales. According to statistics for the three months leading up to June, 230 pubs were either repurposed for different uses or demolished, marking a 50% increase compared to the previous quarter. This follows the closure of 153 pubs in the first quarter of 2023, representing a significant 50.3% rise.
The numbers translate to more than two pubs closing every day in local communities during the first half of this year. As a result, the total number of pubs in both countries dwindled to 39,404 by the end of June.
Record Number of Homes for Sale Experience Price Cuts
A leading property website, Rightmove, has reported that over a third of homes currently on the market have undergone at least one price reduction, marking the highest proportion in over a decade. This trend suggests that sellers may have been overly optimistic in their initial asking prices, leading to a need for more substantial price adjustments.
The average size of these reductions is also the largest recorded since January 2011, averaging 6.2%. With the average asking price for homes at £366,281 in September, this translates to a typical reduction of £22,709. The data highlights the willingness of sellers to adjust their prices in response to market conditions and buyer preferences.
