Housing affordability stretched as property price inflation outstrips earnings

27th June 2022 Consumer Lending | #houses

The impact of surging property prices throughout the pandemic has reduced housing affordability to the lowest level on record, according to new research by Halifax. The analysis – based on data from the Halifax House Price Index – compared typical house prices to average earnings across the UK. In the first quarter of 2022, the…

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TransUnion and Lloyds Bank agree credit check partnership

24th June 2022 Company News |

Global information and insights company, TransUnion has announced a partnership with Lloyds Bank to look after the credit health of its customers with free access to their credit score via an interactive dashboard. The ‘Your Credit Score’ service,  has already seen almost one million of the bank’s customers checking their credit score for the first time in April. Kelli…

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Consumer finance new business grew by 21% in April

21st June 2022 Consumer Lending |

New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew by 21% in April 2022 compared with the same month in 2021. In the first four months of 2022, new business was 30% higher than in the same period in 2021. The credit card and personal loan sectors…

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Half of adults think young people spend too much to buy a home

14th June 2022 Consumer Lending |

Half (48%) the UK public think a key reason more young adults today cannot afford to buy their own home is they spend too much of their income on things like takeaway coffees and food, mobile phones, subscription services like Netflix and holidays abroad, according to a new study by the King’s College. In reality,…

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Consumer confidence hits an all-time low

20th May 2022 Consumer Lending |

Consumer confidence has dipped to a record low, with GFK’s confidence index dropping two points to -40 in May, with this a point lower than the previous record of -39 set in July 2008. The statistics indicate that consumer confidence is at its lowest point since records began in 1974. Joe Staton, Client Strategy Director,…

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Consumer finance new business grows by 19%

New figures released today by the Finance & Leasing Association (FLA) show that consumer finance new business grew by 19% in March 2022 compared with the same month in 2021. In Q1 2022 overall, new business was 34% higher than in the same quarter in 2021. The credit card and personal loan sectors together reported…

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One in three adults struggle to access credit

29th April 2022 Consumer Lending | #credit access

Just over one in three UK adults may struggle to access credit from mainstream lenders, according to fresh data from PwC and TotallyMoney,  an increase of 50% in just six years. The research also found that nearly nine million more at risk of falling into this category – meaning half of the population in total,…

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Shawbrook Bank and Clearscore agree open banking partnership

Shawbrook Bank has announced that it has joined ClearScore’s panel of personal loan providers which will use Open Banking technology to assess the creditworthiness of potential customers. Shawbrook intends to start integrating Open Banking data with their current decisioning technology. This will enable them to collect real-time income and expenditure information at the point of…

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Car loan applications increase despite surging costs

14th April 2022 Consumer Lending | #car loans

New data from Experian reveals that applications for car finance, including Personal Contract Purchase (PCP) and Hire Purchase (HP), rose by 13% month-on-month in March as the new ‘22’ plate launched. This is the highest rate in March since 2019. A surge in people searching for car deals has returned strong levels of car finance…

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Demand for lending on loans and credit cards rises

The Bank of England has published its latest credit survey which has shown that the demand for lending on credit cards and loans rose in the first three months of the year and is expected to do so again this Spring, as households struggle to cope with rising prices. The survey also showed that demand…

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Credit Score checking increases by 30% since the pandemic began

A new report by global information and insights provider TransUnion has revealed that the number of people regularly checking their credit score has increased by nearly a third (30%) since the pandemic began. The Consumer Credit 2022 white paper, an in-depth look at the current financial landscape and changing consumer habits, points to greater understanding…

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Analysis shows mainstream lenders surrendering victims to loan sharks

Mainstream lenders are surrendering people into the hands of illegal loan sharks as many victims try to access credit from legal, regulated sources with the vast majority see their applications rejected leaving them nowhere to turn except predatory illegal lenders according to research by Freedom Finance. Freedom Finance analysis of the CSJ’s dataset of 1,200…

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First-time buyers raised deposits quicker due to savings made during the Covid-19 restrictions

5th April 2022 Consumer Lending |

Covid-19 restrictions hit people hard but cuts in spending but have enabled many planning to buy their first home to save more and realise their dream of climbing onto the property ladder sooner according to new research from the Nottingham Building Society (The Nottingham). The study found that, of those surveyed, one in five (19%)…

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