Credit, Collections & Insolvency News
The Bank of England has raised interest rates from 1.75% to 2.25% and indicated that Britain’s economy is now in recession. A majority of the Bank’s nine-member monetary policy committee voted to increase the key base rate by 0.5 percentage points, judging that the risks of inflationary pressures becoming entrenched outweighed the short-term dangers to…
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One in three mortgage customers say that rising interest rates mean they cannot afford their repayments, new research commissioned by Butterfield Mortgages has found. The independent survey of 2,000 UK adults found that a third (33%) of mortgage holders believe the interest rate hikes over the past year have made their mortgage repayments unaffordable. Among…
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Latest Bank of England figures have shown that the total value of all outstanding residential mortgage loans was at £1,648 billion at the end of 2022 Q2, 3.8% higher than a year earlier when the outstanding value came to £1.590 billion. The value of gross mortgage advances in 2022 Q2 was £77.9 billion, which was…
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New figures released by the Finance & Leasing Association (FLA) have shown that second charge mortgage new business volumes grew by 29% in July. 2022. 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),…
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Latest data from the Bank of England has indicated that credit card borrowing grew by £730 million in the 12 months to July. The 13% rise on borrowing on cards is the fastest rise since October 2005. The annual growth rate for all consumer credit, which also includes overdrafts, personal loans and car finance, increased…
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The Government has announced new proposals to cap rents on social housing to support tenants with the cost of living. Under the proposals, a cap on social housing rent increases would be put in place for the coming financial year, with options at 3%, 5% and 7% being considered. The move would prevent rents for…
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A new peak in the number of people looking for a home to rent is fuelling a rise in renters choosing to renew their existing tenancies rather than moving according to new research by Propertymark The research found that 73 per cent of agents say they have seen an increase in the number of tenants…
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Latest figures from the Ministry of Justice have shown that mortgage and landlord possession statistics (April to June 2022) have indicated that repossessions by county court bailiffs increased from 45 to 770 (1,611%). Mortgage claims, orders, warrants and repossessions have also increased significantly when compared to the same quarter in 2021. Compared to the same…
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The total number of customers in arrears with their mortgages continued to fall in the second quarter of 2022 according to latest UK Finance data. In absolute terms there were 530 more possessions in Q2 2022 compared with the same period last year, however the total for this quarter is approximately half the number seen…
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With the Bank of England (BoE) set to announce the biggest interest rate rise in 27 years this Thursday (4th August) new research by TotallyMoney and Moneycomms have analysed the potential shock the hike will have on 2 million variable-rate mortgage customers. The research found that the average UK property costing £270,708, with a 75%…
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New Industry analysis by Landlord Action has revealed that the number of rental property repossessions carried out on behalf of landlords across England and Wales has increased by one thousand four hundred and eighty seven per cent annually, following the end of the tenant eviction ban implemented to protect the nation’s renters during the pandemic.…
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UK rentals rose by 2.47% (£849 to £870) during Q2 2022, the largest quarterly increase during the fifteen years that The Deposit Protection Service (The DPS) has recorded the country’s rental values. Average rents had risen £66 from £804 to £870(8.21%) between Q2 2021 and Q2 2022. The research also found that four of the…
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Average private rents in Britain have hit record highs, jumping by more than 20% in some areas. Data from Rightmove shows that the average advertised rent outside London is 11.8% higher than a year ago, while in the capital it is up by 15.8%. Between April and June the average advertised asking rent outside London…
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