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Pound Profits

For a number of years now, I have half joked that the Poundland retail concept is ultimately doomed to failure. By restricting themselves to one price point, it seems like inflation will ensure that they stock an increasingly crappy range of goods. Well it seems like I was wrong- at least for now.

Poundland has just reported profits of £21.8 Million, (up 81.5% on the previous year) opened over 50 new stores since April, and plans to open another 50 next year. It’s all fuelled by the recession which has made retail space much cheaper to secure, overstock goods cheaper to buy in, and consumers much more canny with their cash.

The doom and gloom merchants will have you believe that these are hard times for everyone. Clearly they are not, but if you buy into the myth, you leave yourself seriously short. The key is to focus your efforts on areas that are thriving, and selling very low priced goods in high volume is a strategy as likely to bear fruit as any at the moment.

You might not have the resources to be a Poundland competitor, but that doesn’t mean you can’t set up an online business specialising in overstock goods in a market niche. Something to think about perhaps.

Property Profiting Opportunity 

I see from Network Auctions' latest results that a freehold garage in Ilford in Essex has sold for more than six times its upper guide price; £19,000 instead of £3,000.
 
We have tipped garages - well, some garages anyway - as best-buy investments in the past and can do an updated feature for members on request. Let us know if the interest is there?  

Store Card Reminder

Following on from yesterday’s credit report story, This Is Money issues a reminder today of the costs of store cards. These are aimed in particular at younger people, at about 25 years of age.     

‘Many of the favourite stores of young shoppers — Warehouse, Wallis, Miss Selfridge and Dorothy Perkins — push cards with eye-watering interest rates of almost 30 per cent.’

It’s wise to do the maths on any offer. On most store cards, someone who spends £500 at Christmas and who repays the minimum 4 per cent a month will take almost ten and half years to repay the debt and will pay £523 interest on that £500 spend.

Offset Mortgage Deals

 
According to brokers Your Mortgage Decisions, offset mortgages are becoming more popular and now account for some 11 per cent of new mortgages. An offset mortgage is one where your savings and mortgage effectively go into the same pot and your savings offset some of the interest on the mortgage.
 
Your Mortgage Decisions say, "Offset is not a product that is suitable for everyone as it requires an element of financial discipline and obviously applies to those with a decent level of savings but this level is not generally as high as most people think.”   
 
The rule of thumb figure for the amount of savings required to make an offset mortgage work was £10,000. But some lenders are now suggesting it can work with smaller sums. If you are interested, drop us a line and we’ll put an article or at least a checklist together.     


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