Credit, collections & insolvency news
Soaring rent prices are increasingly pushing young people into debt, according to new research from Creditfix. New data from the personal insolvency provider has shown a significant rise in the number of renters under the age of 45 seeking support for unmanageable levels of debt. Individuals under the age of 45 now account for almost three quarters…
Read more
New quarterly data released by StepChange Debt Charity Scotland reveals the continued impact of the wider cost of living pressures as almost two fifths of new clients (37%) responsible for paying council tax bills were in arrears between July and September, up from 31% in the previous quarter. The charity has also reported an uptick…
Read more
In England, a no-fault eviction notice drops through the letterbox of an older private renter every 16 minutes, new research from Shelter reveals. The housing charity’s research, conducted by YouGov and funded by The Co-operative Bank, shines a spotlight on the struggle older renters face in keeping a roof over their heads. Nearly three in…
Read more
One in two working private renters in England, 3.2 million adults, wouldn’t have enough in savings to pay their rent for more than a month if they lost their job, new research by Shelter reveals. And shockingly, 2.2 million renters (34%) would be immediately unable to pay their rent from their savings if they lost…
Read more
A new report from StepChange Debt Charity has revealed that the private rental market is unable to meet the needs of financially vulnerable tenants, with one in six private renters (1.2m people) relying on credit to make ends meet. The charity welcomed last week’s Renters (Reform) Bill, but says it does not go far enough…
Read more
More than 200,000 private renters in England have been served eviction notices without doing anything wrong in the three years since the government first promised to ban the practice according to research by Shelter. The research found that every seven minutes a private renter in England is handed a Section 21 no-fault eviction notice by…
Read more
Rents rose to hit a three month high in January, as the lack of stock and high tenant demand continue to fuel demand for properties across England according to new research by Goodlord. The average cost of rent across England rose during January, with averages hitting £993 per property. This is up from an average…
Read more
Almost five (4.75) million families living in social housing in England are facing rent rises of up to 4.1 per cent next April – equivalent to an average £202 extra per year – the biggest nominal increase in a decade, according to Resolution Foundation research. The latest Housing Outlook examines how the rise in the…
Read more
Average rent debts still owed by renters as a result of the pandemic have increased by 41 per cent since May according to the latest research by the National Residential Landlords Association (NRLA). A survey of over 2,000 private renters in England and Wales by research consultancy Dynata has found that average COVID related rent…
Read more
The Government has announced vulnerable renters struggling due to the impact of the pandemic will be helped by a £65 million support package. The funding will be given to councils in England to support low-income earners in rent arrears, helping to prevent homelessness and support families get back on their feet. Renters across the country…
Read more