Credit, Collections & Insolvency News
Latest ONS figures out have revealed that average UK private rents increased by 8.9% in the 12 months to April 2024. StepChange Debt Charity says this will create more worry among private renters as the Renters (Reform) Bill, currently making its way through the House of Lords, does not address rising affordability concerns. The ONS…
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The Office for National Statistics (ONS) has published its latest Consumer Prices Index, which shows that the rate of inflation fell to 2.3 percent in the 12 months to April 2024, down from 3.2 per cent in March. Prices were up 0.3% in a month (compared to 1.2% a year earlier). CPI is the…
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Mortgage and landlord possession volumes in the first quarter of 2024 have increased when compared to the same quarter last year new Ministry of Justice (MoJ) figures have shown. Mortgage possession actions have continued their gradual upward trend with mortgage claims at their highest since 2019. Compared to the same quarter in 2023, mortgage possession…
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Over 3 million people across the UK admit they have been forced to borrow from illegal lenders in the last 12 months, reveals research from responsible lender Creditspring. A third (31%) of people in the UK say they currently feel stuck and that there is nothing they can do to improve their financial situation, this…
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New figures released by the Finance & Leasing Association (FLA) show that second charge mortgage new business volumes grew by 5% in March 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…
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The number of homeowner-mortgaged properties being repossessed in the first quarter of 2024 increased by 36% compared to the previous quarter, according to UK Finance. Buy-to-let mortgaged properties also saw a 20% increase in repossessions. The rise in repossessions is largely attributed to older cases working through the court system. In the first quarter of 2024,…
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UK Finance research has found that homeowner mortgage in arrears of 2.5% or more rose by 3% in the first quarter (Q1)of 2024, compared to the previous quarter, showing that the debt pressure for many homeowners remains acute. However, the rise year on year is substantial – there were 96,580 homeowner mortgages in arrears of…
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New polling by YouGov for StepChange Debt Charity shows that nearly one in four (23%) UK mortgage holders has turned to some other form of credit or borrowing in the last three months so that they could keep up with existing borrowing commitments. This comes as the Bank of England is expected to hold interest…
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Data sourced from millions of Barclays current accounts* reveals that consumer spending on rent and mortgage payments accelerated in April, reversing the encouraging slowdown in the first quarter of the year. Meanwhile, leaseholders are finding their housing costs compounded by high service charges and ground rents. To compensate, household spending on areas such as homewares,…
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Households in the UK have experienced a year of growing disposable incomes, indicating that the cost of living crisis is being alleviated by falling inflation and rising wages a according to a report by Asda and the Centre for Economic and Business Research (CEBR). Gross income for the average household grew by 10.1% and at…
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The rate of mortgage arrears growth slowed to 3.9% in Quarter 1 from 5.7% in Quarter 4 2023, the lowest quarterly growth rate since the September 2022 when the combined effects of the cost-of-living crisis and the September 2022 Mini-Budget began to impact UK household budgets according to the latest data from Pepper Advantage. While…
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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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