15th March 2024 - Credit Connect

Average mortgage term for first-time buyers increases

15th March 2024 Consumer Lending | #mortgages

The average mortgage term for first-time buyers has increased, with more young people choosing longer mortgage plans, according to analysis by TSB. The data hows a year-on-year increase of the average mortgage term for first-time buyers – up to 32 years in 2023 from 30 in 2021. Overall, first-time buyers accounted for 35% of all…

Nearly 5,000 retail chain stores closed in 2023

15th March 2024 Business | #business closures

Almost 5,000 retail chain stores were left empty last year, according to research by the Local Data Company and PwC. The data showed a 33% increase in net closures compared to the previous year. The rise in closures amounts to about 14 store closures each day, with the closure of Wilko greatly contributing to the…

Nearly half of adults believe they will retire before the current retirement age

15th March 2024 Consumer Lending | #retirement

Research by SmartSave, a Chetwood Financial company, has found that more than two in five adults believe they will leave the workplace either at the current retirement age (66, rising to 67 in 2026) or before, despite many of them not having a clear financial plan in place for retirement. The digital bank commissioned an…

Affordability of mortgage payments falls as a barrier to buying a home

15th March 2024 Consumer Lending | #affordability

The latest Property Tracker report from the Building Societies Association (BSA) shows a significant reduction in the number of homeowners concerned about paying their mortgage along with a decrease in those that see mortgage affordability as a barrier to home buying. The BSA says that the data is a welcome change, most likely reflecting the reduction in…

Warning issued over debt amongst hospitality sector workers

15th March 2024 Arrears and Recoveries |

As the cost of living crisis continues to escalate, a personal insolvency specialist has issued a warning about a concerning trend of mounting debt among the hospitality workforce. According to Creditfix, hospitality workers are grappling with unprecedented financial burdens, with an alarming average debt level of £13,151 with the industry faces a dual challenge as operating…

Eight in ten businesses remain optimistic despite supply chain disruptions

15th March 2024 Commercial Credit Management | #business optimism

Despite entering another year already defined by economic uncertainty, supply chain disruption and geopolitical tensions, Taulia’s global Supplier Sentiment Survey found that businesses are largely optimistic about the year ahead. The survey finds that more than eight in 10 (85%) businesses globally are feeling optimistic about the year ahead; a significant increase from 2022 when…

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