Credit, collections & insolvency news
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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New figures from the Building Societies Association (BSA) has found that mortgage lending by building societies was down nearly a quarter in the first three months of 2023 compared to the same period in 2022, reflecting falling demand in the housing market. The figures showed that gross lending in Quarter 1 (Q1) 2023 was £13.9…
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Latest Bank of England (BoE) data has shown that the annual growth rate for consumer credit rose for the sixth month in a row in March, accelerating from 7.7% in February to 7.9% with consumers borrowing an additional £1.6 billion in consumer credit in March, on net, compared with £1.5 billion borrowed during February. The…
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More than a quarter of adults (28%) with non-typical income streams, including those who are self-employed, freelance, or work on zero-hours contracts, have had a mortgage application rejected by a lender, according to new research from The Mortgage Lender (TML). Delving into the breakdown of employment types, those on zero hours contracts have the biggest…
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Latest market analysis by Octane Capital has found that since the Bank of England began to increase interest rates in December 2021, the total number of mortgage lending transactions has declined by 7.1% when compared to the same time period prior. The figure of 95,405 total mortgage lending transactions seen in February of this year…
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Latest Bank of England (BoE) data has shown that consumers borrowed in January with an additional £1.6 billion in consumer credit compared with £0.8 billion borrowed in December. This was split between £1.1 billion of borrowing on credit cards and £0.5 billion of borrowing through other forms of consumer credit. Credit figures show consumer credit…
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New figures from UK Finance have indicated that overall mortgage lending is expected to fall 15 per cent next year, returning to pre-pandemic levels.Whilst mortgage lending to homebuyers is expected to fall by 23% next year as the cost of living squeeze and rising interest rates make property less affordable. Loans for home purchases will…
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Latest figures from the Building Societies Association (BSA) have shown that mortgage lending by building societies in the third quarter of the year was up 11% compared to Q2 despite the worsening outlook for the economy, and squeeze on household incomes. The number of approvals were however down 9%. Gross lending was also up by…
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New data from specialist lender Hodge has found the average age of its 50+ mortgage customer has dropped by eight years since 2017. Analysing data from the past five years, the lender found since 2017 the average age of its 50+ mortgage customer has dropped from 73 to just 65 in 2022. Hodge also saw…
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New figures from the Building Societies Association (BSA) have indicated that mortgage lending by building societies in the first three months of this year was on a par with lending in the same period last year when the Stamp Duty holiday was in operation. Both lending and approvals were higher in January-March 2022 than they…
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