28th July 2023 - Credit Connect

Average house now costs 8.4 times income

28th July 2023 Consumer Lending | #housing affordability

In 2022, in England, the average house price was £275,000 and the average annual disposable household income was £33,000, so houses cost 8.4 times income according to latest Office for National Statistics (ONS). The ONS affordability threshold is five times earnings and we have been above this since 2017. In England, only the top 10%…

Water regulator issues new vulnerability guidance

28th July 2023 Consumer Collections | #utility regulator

Water regulator, Ofwat has launched a consultation on new guidance for water companies setting out how they should support their customers who require extra help in accessing water services by identifying vulnerabilities and supporting customers facing financial difficulties. Those who require extra help may include people with long-term as well as temporary circumstances such as…

Parents raid children’s savings to cover the cost of household bills

28th July 2023 Arrears and Recoveries | #household bills

Parents are raiding their kids’ savings to help cover the cost of rising household bills and to pay down debts, according to research by leading financial mutual, Scottish Friendly. A survey of 1,000 UK parents found more than one in five (22%) have withdrawn money from their children’s savings. The majority of those (64%) have…

Regulators finalise new complaints scheme

28th July 2023 Consumer Lending | #complaints

The Financial Conduct Authority (FCA), the Prudential Regulation Authority (PRA) and the Bank of England have finalised a revised scheme for those who have complaints about the regulators, following a consultation. The regulators say that the revised scheme will provide clarity around what people can expect when they complain, making it more transparent and user-friendly.…

Economic conditions hamper business confidence

28th July 2023 Commercial Credit Management | #business confidence

Business confidence is at lower than the pre-pandemic average as concerns about high inflation, record wage pressures and rising interest rates bite according to reaearch by ICAEW. Sentiment tracked by ICAEW’s Business Confidence Monitor (BCM) – one of the largest and most comprehensive quarterly surveys of UK business activity – put confidence at 6.1 on…

Businesses make fewer complaints to water retailers

28th July 2023 Business Utilities | #water business complaints

Written complaints made by business customers to water retailers have fallen to their lowest level since 2016/17 but performance remains mixed among the larger suppliers. The Consumer Council for Water’s (CCW) annual Business Customer Complaints Report shows that written complaints across England and Wales fell by 16 per cent to 12,312 in 2022-23 – down…

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