Credit, Collections & Insolvency News
Rapid rent increases since the Local Housing Allowance (LHA) has been frozen mean the gap between the support low-income private tenants receive and the 30th percentile of local rents is already at 14 per cent (£104 a month for a typical two-bedroom property). This affordability gap is expected to reach a record 17 per cent…
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New research by the Skipton Group has highlighted the alarming nature and scale of the housing crisis facing millions of adults trapped living with their parents. The data shows that an overwhelming majority are stuck – 98% of them are unable to afford to buy the average first-time buyer home in their area based on their…
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Latest Office National Statistics (ONS) data has shown that private renters typically spend 36.3%, or £1,232 in monthly rent, of their income on an average-priced let home in England. This is higher than Wales and Northern Ireland, where 25.9%, or £702, and 25.3%, or £751, of pay was spent on rent last year, respectively, according to the…
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Nine in ten (87%) of Africans living and working in the UK have been turned down for a mortgage because of circumstances relating to the fact that they are a foreign national, according to research of 500 UK-based African diaspora by specialist lender Afin Bank. The research found that almost half (48%) said they were…
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New YouGov polling by StepChange Debt Charity has revealed that more than one in four people (28%), equivalent to around 14.5 million, will struggle to afford Christmas this year – which is a rise of 1.6 million people since last Christmas (25%). The new survey also shows that among people with children at home, over…
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Ofgem has confirmed that the energy price cap will rise 9.5% in October, to £1,717 for an average user, adding £148.92 to an average bill or £12.41 a month. The removal of the winter fuel payment for those on low pension incomes, who don’t qualify for pension credit, will make it even tougher to make…
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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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Half (49%) of younger parents aged 18-34 have decided to not to have another child as it has become too expensive due to the rising cost of living according to research from Creditspring. Younger couples who were planning on starting a family have also been forced to change their plans due to the financial climate.…
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The latest Property Tracker report from the Building Societies Association (BSA) shows a significant reduction in the number of homeowners concerned about paying their mortgage along with a decrease in those that see mortgage affordability as a barrier to home buying. The BSA says that the data is a welcome change, most likely reflecting the reduction in…
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Households have faced more than a year of high inflation and rising interest rates and the impact of both is becoming more apparent according to new UK Finance data. The research found that squeezed budgets and higher financing costs are bearing down more heavily on affordability for prospective house buyers. The same pressures are, as…
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New research from open banking platform, Tink, reveals that over a quarter (28%) of the UK’s self-employed struggle to access the financial services they require, leading many to believe the current system works against them due to their employment status. According to the survey of consumers, a stark 27% of self-employed people feel they have…
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Global information and insights company TransUnion has announced that it has partnered with CreditLadder, the rent reporting platform, to incorporate UK tenants’ rental payments into their credit information. Rental payment history of those individuals using CreditLadder can now be recorded in their TransUnion credit report, giving finance providers a more holistic view of financial standing…
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