Property Rescue Blog

According to experts, the average UK household will have to spend a full 15% of their net income just to cover the interest payments on their personal debt.

As the economic crisis continues, increasing numbers of households are resorting to borrowing money on their credit cards to pay their mortgages or rent. In 2009, millions of renters and homeowners, totaling 6% of UK households, used this method of payment.

Average consumer debt and household debt in the UK continues to increase.

Despite the government’s plans to increase competition to improve bank customers’ experiences, consumers are facing increasing branch closures and increasing charges.

It is no surprise that the UK will be facing a long recovery in order to correct the negative impacts during this economic crisis.

Bad debts have reached significant, historic highs and average borrowing has increased 5% per credit card, surpassing £1,000 for the first time ever.

Christmas time is a festive time of year, but it can be expensive. It's easy to overspend and get into debt.

In October, 2009, UK annual house inflation dropped once again, this time by -2.1%. As reported by the Department for Communities and Local Governments (DCLG), as of October, 2009, the average house price in the UK is now £198,450 (£204,642 in England).

During 2009, over 130 homes were lost to repossession per day. On top of this, 386 people per day declared insolvency or bankruptcy, and many, many more are struggling as they fight the uphill battle of managing increasing household debt and trying to pay their monthly bills with mounting difficulty.

To slow down the rapid slump in the property market, UK residents enjoyed a temporary stamp duty holiday on properties valued between £125,000 and £175,000 beginning in September 2008.