12th June 2024 - Credit Connect

Couples prioritise children over homeownership

12th June 2024 Consumer Lending |

More couples are choosing to prioritise having children over homeownership, according to research by Santander. The research showed that the share of first-time buyers with at least one dependant has increased from 10 per cent in 2009 to 20 per cent in 2023 with the data indicating that more people getting their foot onto the…

Mortgage balances with arrears at highest level since 2014

12th June 2024 Arrears and Recoveries | #mortgages

The number of mortgages in arrears, relative to all outstanding mortgage balances, increased to 1.28% in Quarter 1, according to figures from the Bank of England. The data shows an increase of 1.23% in the final quarter of 2023, taking it to the highest proportion since the end of 2016. The value of outstanding mortgage…

40% of renters consider moving back home to boost first-time buyer savings

12th June 2024 Consumer Lending | #mortgage savings

New research by Skipton Building Society has found that rising rental costs has shown that 40% of renters are considering moving back in with their parents to boost their first-time buyer savings. The poll of 2,000 renters with an ambition to buy a home found while 52 per cent of those considering it feel it’s…

Universal credit has positive and negative impact on households

12th June 2024 Consumer Collections | #universal credit

New research by the Institute for Fiscal Studies (IFS) has found that few policies introduced during the 14-year period of the Conservative government are likely to have as significant a long-term impact as the introduction of universal credit (UC) – an integrated means-tested benefit that is replacing six ‘legacy’ benefits, combining out-of-work support with support for…

Spending on rent and mortgages rises 6.3%

12th June 2024 Consumer Lending | #mortgages #spend

Data sourced from millions of Barclays current accounts has indicated that spending on rent and mortgages increased 6.3 per cent year-on-year in May – faster than April’s uplift of 3.6 per cent. However, signs of optimism are emerging owing to falling inflation and energy prices, and increased spending on home improvement shows indicators of recovery…

Eight in ten small businesses cite barriers to growth

12th June 2024 Commercial Credit Management | #businesses

More small businesses cite barriers to growth (80%) than was the case in pre-pandemic Britain (73%) – and, compared to the last General Election year (2019), across five industry sectors and six UK regions more small businesses cite market challenges that are holding them back. Small businesses in five industry sectors – construction, hospitality, media,…

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