55% of home buyers hit snags in the home buying process 55% of consumers who purchased a home within the past five years, hit at least one problem or bottleneck in the home buying process. The most common problems encountered (by 39%) were chain-related problems, followed by seller-related problems (17%)– e.g. seller withdrew from market, asked for more money, accepted a gazumping offer – and...
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The latest consumer research findings from IRN Research show that almost a third of individuals involved in a divorce or civil partnership dissolution decided to deal with the proceedings themselves from start to finish. Another 10% started proceedings themselves but then used a solicitor or law firm to complete the process. The largest group still used a solicitor/law firm from start to finish but the...
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Brexit Stockpiling Boom Ends for Continental Freight In the run up to the Brexit deadlines of March and April 2019, there was a major rise in stockpiling by UK businesses as a precaution against potential trade disruption. The shifting of the Brexit deadline date to October 2019, combined with the cash flow implications of paying for accumulated stocks, has led to significant de-stocking by companies...
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Retirement Planning and Retail Financial Advice reports launched In October 2018, IRN Research have released two new reports on the consumer financial services market: Retirement Planning and the Retail Financial Advisors and Intermediaries. Retail Financial Advisors and Intermediaries This report considers the retail financial advice and intermediary market, covering regulated and unregulated advice offered to consumers when buying financial products or organising their financial affairs....
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New legislation set for April 2020 (increasing small claim limit for PI claims, introducing a range of fixed costs tariffs, encouraging more litigants in person) will negatively impact on the revenues and margins of PI law firms and claims management companies (CMCs). In the next year or so, it is likely that these providers will embark on contingency plans and strategies ready for the 2020...
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19 October 2017 The in-depth results of the International Passenger Survey (IPS) published earlier in October 2017 showed both inbound and outbound tourism continued to grow. The number of overseas resident visits to the UK in the first six months of 2017 increased by 9.3% to reach 19.2 m visits. Similarly, the number of UK resident visits overseas increased by 6.1% to reach 33.9m visits...
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Deficit of defined benefit funds at £220bn in August 2017 Data from the Pension Protection Fund (PPF) shows that of the aggregate deficit of defined benefit pension funds in the UK reached £220.4 billion in August 2017, compared with £180.1 billion at the end of July 2017. However, the deficit is much smaller than the £413.1 billion deficit seen in August 2016. This is based...
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Almost 80% of eligible employees auto enrolled Auto enrolment (AE) has led to a dramatic change in the UK pension landscape. Data from the Pension Regulator shows that by August 2017, 8.527 million employees had been auto enrolled into pensions. Since the auto enrolment reforms were introduced in 2012, the overall proportion of all employees saving into a workplace pension has increased from 47% to...
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Ogden Rate to be increased The Government has announced that it is to change the Ogden Rate, the rate used by UK courts in the calculation of personal injury (PI) lump sum settlements for serious injuries or death in a PI claim. In February 2017, the Government had announced a reduction in the Rate from 2.5% to minus 0.75% with effect from 20 March 2017,...
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Unsecured debt arrears affect just over 8% of debtors Using data from the 2016 Bank of England/NMG household survey, IRN Research found that 4% of consumers have fallen into unsecured debt arrears over the past year, representing 8% of all consumers owing money on an unsecured loan product. The IRN Research brief Consumer Debtor Brief, July 2017 looks at consumers who have problems repaying their unsecured debts,...
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