Credit, Collections & Insolvency News
Latest ONS, data has shown that the average private rents costs rose by 8.6% in the 12 months to June 2024, down from 8.7% in the 12 months to May 2024. Average rents increased to £1,310 (8.6%) in England, £743 (8.2%) in Wales, and £959 (8.4%) in Scotland, in the 12 months to June 2024.…
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A report from UK Savings Week shows that having a regular savings habit can help protect individuals and families from financial shocks, increase their chances of achieving long-term life goals, and generally improve their mental wellbeing. UK Savings Week, an annual campaign aimed at getting people engaged in the benefits of saving, commissioned the University of…
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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…
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Around three million households are set to see their mortgage payments rise in the next two years, according to the Bank of England’s latest Financial Stability Report. The report found that around 400,000 mortgage holders face some very large payment increases. The Bank found that around a third of mortgage holders in the UK are…
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The cost of living pressures are easing for some households due to lower inflation and strong wage growth, however for many, high house prices and mortgage rates are adding to affordability pressures on first-time buyers and those looking to re-mortgage or move home according to aProperty Tracker report from the Building Societies Association (BSA). The…
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Interest-only homeowner mortgages fell by 5.4% to 664,000 last year compared to 12 months before, the latest data from UK Finance has revealed. The data showed that there were 200,000 partial interest-only (part and part) homeowner mortgages outstanding at the end of 2023, 9.9 per cent fewer than in 2022. The total interest-only mortgage stock…
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A new first-time buyer study from the UK’s biggest property website Rightmove reveals that the average first-time buyer mortgage payment has risen by 61% since the last election year of 2019. Over the last five years, the average mortgage payment for a typical first-time buyer home has risen from £667 per month to £1,075 per…
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Half of HMO (house in multiple occupation) landlords in a survey by buy-to-let lender Landbay have said they use their property or portfolio as their sole source of income. Just under 30% of landlords who took part in the survey owned an HMO property or portfolio. 72% of these landlords owned HMO properties through a…
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High interest rates and unaffordable deposits are pricing many Europeans out of buying their first home, whilst expensive rents put further pressure on non-homeowners according to research by Adevinta. As economic indicators – such as the European Central Bank interest rate cut in June – point to an improving Eurozone economy, greater affordability will be…
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More couples are choosing to prioritise having children over homeownership, according to research by Santander. The research showed that the share of first-time buyers with at least one dependant has increased from 10 per cent in 2009 to 20 per cent in 2023 with the data indicating that more people getting their foot onto the…
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New research by Skipton Building Society has found that rising rental costs has shown that 40% of renters are considering moving back in with their parents to boost their first-time buyer savings. The poll of 2,000 renters with an ambition to buy a home found while 52 per cent of those considering it feel it’s…
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Data sourced from millions of Barclays current accounts has indicated that spending on rent and mortgages increased 6.3 per cent year-on-year in May – faster than April’s uplift of 3.6 per cent. However, signs of optimism are emerging owing to falling inflation and energy prices, and increased spending on home improvement shows indicators of recovery…
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New analysis by Moneyfacts has shown that the average ‘shelf-life’ of a mortgage has nearly halved in a month. At the start of May the average mortgage spent 28 days on the market, by the start of June the average had fallen to just 15 days. While deals are typically spending less time on the…
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