Credit, collections & insolvency news
Latest analysis by Shelter found that there were 83,000 unwanted moves in England over the past 12 months, meaning 40% have been forced to relocate, with the moves costing renters over half a billion pounds a year. An unwanted move is defined as a fixed-term tenancy coming to an end, or tenants being priced out…
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Latest Office of National Statistics (ONS) data has shown that private rentals have continued to rise at a faster rate than inflation, with tenants seeing housing costs rises by 9.2% in the 12 months to March 2024. This is an increase on the 9% annual increase recorded the previous month. The figures show that the…
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New analysis by Lowell shows the widening gulf between generation rent and homeowners. The new data shows tenants in private rental hotspots, like Bristol West, are struggling with loan defaults and resorting to benefits to say afloat, exposing the full, significant impact of rent rises and high housing costs on personal finances. Conversely, areas of…
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New figures released by the Finance & Leasing Association (FLA) second charge mortgage new business volumes grew by 17% in February 2024. Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Director of Consumer & Mortgage Finance and Inclusion at the Finance & Leasing Association (FLA), said “The second…
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New research from the Financial Conduct Authority (FCA) has found that while many are struggling to meet financial commitments with 7.4 million people were struggling to pay bills and credit repayments in January 2024, down from 10.9 million in January 2023. This is still higher than the 5.8 million recorded in February 2020, before the…
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Average rents could rise by 13 per cent over the next three years, as high market rates work their way through existing tenancies according to new research by the Resolution Foundation. The research showed that the cost of new tenancies has grown by 18 per cent since January 2022. This has had a big effect…
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Latest figures from UK Finance have shown that there was a substantial jump in the number of Buy-to-let (BTL) mortgages in arrears of 2.5 per cent or more of the outstanding balance – this was 123.9% higher year on year to 13,570 in Quarter 4 (Q4) 2023. However, UK Finance points out that only 0.68%…
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The annual cost of household bills is predicted to drop by £350 on average year-on-year in April 2024, according to new research by Compare the Market. The research analyses the cost of energy, water, home insurance, motor insurance, and council tax. It reveals that the combined cost of these household bills is set to decline…
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The UK’s largest specialist mortgage lenders are accounting for a 22% increase in Expected Credit Loss (ECL) provision as mortgage defaults spike, according to a new report from AI powered transaction analytics firm, Fuse. Analysis of the most recent financial statements of ten of the UK’s largest specialist mortgage lenders indicate that lenders are accounting…
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Here is an overview of The Money Charity’s latest statistics for March 2024 Personal debt in the UK People in the UK owed £1,838.7 billion at the end of January 2024. The average total debt per household, including mortgages, was £65,479 and per adult was £34,570, around 99.1% of average earnings. Net mortgage lending increased by…
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Figures released by the Office for National Statistics (ONS) has found that the average monthly rent in the UK rose by 9% in the year to February – the highest annual increase since records began in 2015. The average monthly rents hit £1,276 in England, a 8.8% increase year-on-year. In Scotland, they rose by 10.9%…
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Missed payment rates among mortgage holders have returned to levels seen at the height of the cost of living crisis, Which?’s latest consumer insight tracker finds, as the Spring Budget leaves some feeling low about their future household finances. In the month (up until 8th March), 8.1 per cent of mortgage holders missed essential payments…
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The UK’s leading debt advice charities StepChange, Money Advice Trust, Citizens Advice, and Christians Against Poverty, alongside the Law Centres Network, have today written to DLUHC Secretary of State Michael Gove urging him to prioritise the Renters (Reform) Bill in this parliamentary session and calling for stronger protections in the Bill for private renters experiencing…
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