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The demise of doorstep lenders has left a dangerous vacuum This winter there are warnings of finan - cial predators preying on those facing financial vulnerability.
House prices hit a record high Data from Rightmove shows a monthly increase of 0.3% for September, with the average house price on the market at £15 higher than July's previous record.
ed lenders could prey on families with fewer options, according to Fair For You's Interim CEO James Wilkinson. Fair For You are an affordable credit provider that enables people to buy home essentials like beds and cookers. Mr Wilkinson said: 'There are millions who can’t get mainstream credit and they’ve not stopped needing to borrow money for emergencies. We’ve never been busier, but we can’t fill a £1.6billion hole overnight. There are unregulated lenders preying on families with fewer options. Signposting people to fair alter- natives is an urgent challenge.'
Millions could struggle to make ends meet in the coming months, due to potential unemployment after the Fur- lough Scheme ends, removal of the Uni- versal Credit uplift, rising prices and the expensive Christmas period. The warnings come after High Cost Short Term Credit saw a fall of £1.6 billion since 2016, resulting in the col- lapse of many "doorstop" lenders. With fewer HCSTC options, unregulat-
Whilst interest rates remain at record lows, buyers are borrowing more at an affordable level. This has stabilised the market after the fluctuation caused by the pandem - ic, beginning the start of what is traditionally a busy Autumn period. The first two weeks of September saw 14% more new listings than the two weeks prior, increasing the annual rise of average house prices to to 5.8%. Director of Property Data at Right- move, Tim Bannister, commented: 'The frenetic pace of this year’s market may also have put some potential movers off, but there are signs of a return of some normality'.
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