Credit, collections & insolvency news
Latest data from the Building Societies Association (BSA) has shown that mortgage balances, in the sector, grew by £11.7 billion, accounting for 72% of the mortgage market growth during the period. This follows 2023 where building societies were responsible for all the growth in the mortgage market, as overall mortgage balances at other lenders reduced…
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UK Finance has released its latest Household Finance Review for Q2 2024 which highlighted that mortgage borrowing in Quarter 2 (Q2) had increased by 19% for first-time buyers (FTBs) and 15%have for movers when compared with the same period last year. The rise was driven by the spike in mortgage applications we saw late last…
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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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Building Societies gross mortgage lending hit £31.3 billion in six months to March 2024, a 30% market share of all lending according to latest Building Societies Association data. Building Societies’ mortgage balances grew in the six months between October 2023 and March 2024, when they had declined across the rest of the market. At the…
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Mortgage lending growth is set to more than double in 2025, according to analysis by the EY Item Club. While the analysis predicts that lending will climb by just 1.5% this year, it anticipates growth of 3.2% in 2025 and 3% in 2026, with this expected to be driven by falling inflation and lower interest…
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Figures from the Bank of England show UK mortgage approvals hit their highest level in 17 months in February, rising to 60,400 from 56,100 in January. The volume of mortgage lending rose to £1.5 billion in February from £1.1 billion at the start of the year. Net approvals for remortgaging also increased, from 30,900 to…
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Despite mortgage lending growth falling -0.1% (net) in 2023, demand for housing loans is expected to rebound this year, buoyed by the prospect of falling interest rates according to predictions by the EY ITEM Club. It alsop predicts that the Bank of England will cut its policy rate from 5.25% to 4% by the end…
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Latest figures from UK Finance has found that the number of retired people with mortgages has decreased by 30.56% in the past year. The data showed that there were 29,060 new mortgages taken out by older borrowers (over 55) in the last three months of 2023 – down 37.1% in a year. The value of…
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Latest Bank of England (BoE) data has shown that consumer borrowing dropped sharply in December, suggesting the UK economy probably slipped into recession at the end of last year. Consumer borrowing fell from £2.1bn to £1.2bn, with credit card borrowing experiencing a steep decline. Consumers repaid, on net, £800 million of mortgage debt in December compared…
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Lending for house purchases is predicted to fall by 8% in 2024, according to a report by UK Finance. Lending for house purchases is ex[expected to fall from £130 billion this year to £120 billion in 2024. UK Finance says higher interest rates and household costs will make it harder for people to access mortgage…
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Mortgage lending is expected to record decade-low growth in 2023 and 2024, according to the latest EY ITEM Club Outlook for Financial Services, as mortgage rates reach their highest since 2008, economic growth remains subdued and weakening housing market sentiment drives down demand. Overall, mortgage loans in 2023 are expected to rise just 1.5% (net) and 2% (net)…
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Housing costs are a source of concern to many, yet around two in five people would potentially feel reluctant to discuss their budget pressures with their landlord or mortgage lender, according to new research in a new poll of adults, conducted by YouGov on behalf of StepChange Debt Charity. The research found that two fifths…
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Latest figures from UK Finance have shown that there has been a decline in mortgage lending, with lending for house purchases down 28% year-on-year in Quarter 2 (Q2). UK Finance says that the levels of housing market activity have remained very low by comparison with recent years in the first half of 2023. The industry…
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