Credit, Collections & Insolvency News
Consumers invested in staycations and home improvements during the Early May Bank Holiday, with both areas seeing significant uplift when compared to the same bank holiday in 2023 (28th April to 1st May 2023) according to latest Mastercard data. People are choosing to spend their money on experiences, including holidays and eating out. SpendingPulse data shows…
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Research by Zoopla has found that rental growth has slowed to 6.6%. The analysis showed that rental demand has softened over the last year but there are still 15 people chasing every home for rent, more than double the pre-pandemic average of 6 people. Available supply has grown by almost a fifth over the last…
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New figures released by the Finance & Leasing Association (FLA) show that consumer car finance new business volumes grew in April 2024 by 8% compared with the same month in 2023. The corresponding value of new business was 7% higher over the same period. In the first four months of 2024, new business by both…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew in April 2024 by 9% compared with the same month in 2023. In the first four months of 2024, new business in this market increased by 2% compared with the same period in 2023. The credit card and personal…
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Car insurance premiums for newly qualified young drivers have reached an all-time high of over £3,000, according to analysis by Compare The Market. The average premium for a 17-year-old who has just passed their driving test is now £3,075, compared to £2,004 last year. The rise in premiums is attributed to parts shortages and an…
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A pilot study by data and analytics firm, LexisNexis has revealed that banks and lenders may be denying loans to 80% of adults with thin credit profiles, when they are actually low-risk customers. This means that UK lenders could be missing out on nearly £3 billion of low-risk lending, assuming an average loan application of…
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Artificial intelligence (AI) is most commonly used in finance roles (63%) despite awareness of potential risks, according to new research by Sapio Research. The research surveyed 800 consumers and 375 senior business decision-makers with authority in their B2B finance departments, across the UK, Germany, France and the Netherlands. Across the board, there was majority consensus…
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Consumer spending growth is at its weakest in more than three years, according to a report by Barclays. Despite falling inflation, the report found that higher council tax bills and the rising cost of broadband and mobile phones are eating into household budgets. The report found that consumer card spending grew just 1.0 per cent…
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UK Finance has released its latest Household Finance Review for Q1 2024 with the reporting highlighting that mortgage borrowing has decreased when compared with the same period the year before, despite a rise in mortgage applications at the end of 2023. Towards the end of last year as mortgage rates started to reduce, there was…
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Latest data from the Bank of England showed that individuals borrowed a net £2.4 billion on mortgages in April, a significant increase from the previous month’s £500 million. The surge in mortgage borrowing, the highest since October 2022, indicates that prospective homebuyers rushed to secure lower interest rates. The data suggests that the drag on…
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Latest Bank of England Money and Credit data has shown that net consumer credit borrowing halved in April 2024, falling from £1.4 billion in March to £0.7 billion. This marks its lowest level since December 2021, at the beginning of the cost of living crisis as consumer confidence dropped. The decline was driven by lower…
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Household costs eased to 4.4% in the year to March, from an annual rate of 5.3% at the start of the year, according to official data from the Office for National Statistics (ONS). Those with home loans had the highest annual inflation rate of 5.5%, reflecting rising mortgage interest payments. The report says mortgage interest…
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New data published by global information and insights provider, TransUnion, has shown that digital fraud in the gaming sector – which includes online sports-betting and casinos etc. – is the highest in the UK. TransUnion found that 7.3% of all transactions in that industry where the consumer was located in the UK were suspected digital…
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