In Liz we Truss With Our Energy

22 September 2022

Newly appointed Prime Minister, Liz Truss, has already made bold statements to help tackle Britain’s rising energy and hyperinflation crisis. 

The constant battle between hyperinflation, rising energy, and fuel bills has led to struggles for Britons across the UK, however, newly voted-in Liz Truss has announced a new set of measures to help tackle these issues ahead of the winter.

Earlier this month, Ofgem announced that a new energy price cap could potentially rise to up to £3,549 a year.

Research conducted by Twenty7Tec found that annual energy costs were projected to be the same as 92.6% of a typical first-time buyer’s salary, and more than 15 weeks of mortgage payments.

Truss’ new measurements will support households in all circumstances, including those who will not receive the previously announced £400 discount on energy bills.

The new Energy Price Guarantee will fix unit rates for domestic customers, and these will stand strong for the next two years. Though energy prices for suppliers will still continue to change, the government will be paying for the excess instead of customers.

The new unit rates for direct debit customers will be an average of:

  • 34p per kWh for electricity with an average standing charge of 46p per day
  • 10.3p per kWh for gas with an average standing charge of 28p per day

Though these measures are planned to assist many first-time buyers, the main concern is still the inability to save enough funds for the initial deposit payment on a property. With the ending of the Help to Buy scheme (completing in March 2023, with a deadline of applications by October 2022), first-time buyers need to get ahead.

So, how can we help?

Our specialists in our New Homes department can help you find your first home and apply for the Help to Buy scheme before it ends.

And, if you are on a variable tariff, you can also try out Which’s Energy Cost Calculator to help you predict your energy payments for the next two years. 

At Wards, we can also help you with finding a mortgage that suits you. Our experts at Mortgage Matters Direct are just a phone call away to help advise you on the best way that you can move forward on your life’s journey so get in touch today.