The week unzipped: Scotland leads UK in house price rises

Published on Saturday 3 October 2009 13:38

HOUSE prices in Scotland rose 3.4 per cent over the past three months, according to Britain's biggest building society the Nationwide, leaving prices just 1 per cent lower than a year ago, making Scotland the best performing area of the UK.

Across the UK as a whole, prices fell 3.7 per cent over the past quarter, leaving average values 3 per cent lower than September 2008.

However, prices in Edinburgh and Aberdeen are behind the recovery curve. A typical home in the capital now costs 232,632, 7 per cent lower than a year ago, with Aberdeen average values at 202,217, 9 per cent down on last September.

Dundee & Angus had the strongest performing area in the third quarter, with prices up 2 per cent to 150,621.

Aviva windfalls

AVIVA customers are about to receive between 214 and 1,230 as part of the 470 million payout to its customers who voted yes to their reattribution deal.

Customers who voted in favour of the payout should automatically start receiving their money from early November.

However, the lobby group says windfalls should have been much bigger. Principal policy adviser Dominic Lindley said: "The FSA has allowed Aviva to plunder the estate for the benefit of its shareholders. People whose investments are about to mature and are facing massive endowment mortgage shortfalls will have had little choice other than to accept the deal."

Pension closure

THE dairy producer Dairy Crest is the latest firm to announce it is closing its final salary pension scheme to 3,500 existing members next April. The scheme closed to new members in 2006.

Dairy Crest denies it is axing the scheme to save money, instead citing the necessity to "reduce the risks" associated with running the scheme.

The firm's final salary scheme deficit currently stands at 63m. It is expected to reach more than 100m by April 2010.

M&S backlash

MARKS & Spencer has ended its longstanding policy of giving customers a 90-day money-back guarantee on clothes.

Customers will now have just 35 days to take an item back and get a full refund, which the company says is in line with market practice.

The store is facing a backlash from customers who complain that the store failed to alert the public to the changes.

Stores have no legal obligation to give a refund just because the customer has changed their mind.