Women hit hard by struggling labour market

This week’s unemployment statistics reveal the impact the tough economic environment is having on the self-employed and women in particular.  Leading debt solution expert and DEMSA member, Atlantic Financial Management is warning of a deepening debt problem in the UK as lower income and part-time jobs traditionally taken by women juggling work with childcare, are now being taken by men and foreign workers as full time job opportunities become scarce.  

Loss of income is the biggest cause of people entering a Debt Management Plan (DMP) with Atlantic, who deal with a number of clients who are eligible for Jobseeker’s Allowance (JSA). 

The ONS figures show that number of employees and self-employed people working part-time because they could not find a full-time job increased by 70,000 on the quarter to reach 1.28 million, the highest figure since comparable records began in 1992.  

Of the 1.58 million people claiming JSA in August  2011 (up 20,300 on July), the number of women claimants reached 519,200, the highest figure since January 1996. In addition, in the three months to July 2011, 162,000 people became redundant, up 47,000 over the quarter. This increase in redundancies occurred mainly among women. 

Kevin Still, Atlantic Director comments: “These figures confirm the increasingly tough time women and the self-employed are having, trying to make ends meet. Many former fulltime employed are now on shorter hours or having little choice but to work as self-employed with employers trying to avoid employer NI payments. And women are being hit hardest by redundancies. The public sector alone saw 111,000 jobs go and sadly not all of the skills are transferable to the private sector which creates a major challenge for those seeking alternative employment. 

 “The fact is, when you are facing loss of income for any reason, you need to start prioritising your payments - mortgage/rent, council tax, essential insurances and utilities must come first.  Speak to your lenders and service providers to flag up your financial status and seek professional debt advice at the earliest opportunity if the situation becomes unmanageable. The temptation is to keep things ticking along using credit cards but this can create a deepening spiral of debt. Tackling debt problems early on can save a great deal of heartache and anxiety and allow individuals to focus on a plan to get back into work and their finances on track.”

Facebook campaign targets loan sharks
Wednesday 7th September 2011

Former Man Utd star sued by bank
Wednesday 31st August 2011

Schofield Speaks: The summer of discontent
Wednesday 31st August 2011

Celebrity Dragon paying £25k a day on debt
Wednesday 24th August 2011

Fraudster flogs phantom luxury cars in broadsheets
Wednesday 10th August 2011

Send To Friend      Print      RSS Feed      News Archive
If you have any queries about this news story or our news section, please contact us

View the original article here

Read more »

Posted in: labour,market,struggling,Women

Rent prices down in buoyant buy-to-let market

The cost of renting a home in England and Wales fell in January, according to a survey from LSL Property Services.

The latest Buy-to-Let Index from the UK’s biggest letting agency network also showed that rent arrears were down month-on-month from December.

Average rents fell 0.3% to £682 but are still 4% higher than they were this time last year. Although the January fall marked the second consecutive monthly decline in the rental market, landlords have reason to be optimistic with signs of renewed growth in certain areas.

Demand for rental properties remains high as a consequence of the flat housing market and the difficulty first-time buyers are having in finding mortgages.

The slight dip in rent prices is in part due to the return of confidence to the buy-to-let sector. The number of buy-to-let loans available increased by 7% in the final quarter of 2010, according to figures from the Council of Mortgage Lenders.

David Newnes, managing director of LSL, said: “The recent loosening in the buy-to-let mortgage market has boosted the supply of rental homes on the market, a crucial factor in the temporary drop in rents.

“In the last quarter of 2010, the number of buy-to-let loans leapt by 7% according to CML. With more products coming onto the market, there are signs that this trend is continuing into 2011, allowing a growing number of professional landlords to get onto the market – or broaden their portfolios – and take advantage of near record rental income and strong tenant demand. International investors, too, have played their part, looking to place their cash in UK bricks and mortar while yields look attractive and properties are affordable.”

Mr Newnes said the figures are distorted by the fact that many landlords lower their rent throughout December and January when demand is traditionally low, a situation that could have been exacerbated by December’s arctic weather conditions.

“Although rents have fallen, the strength of the rental market cushioned the additional impact of winter. Fewer tenants tend to move in December and January – and many landlords drop rents to avoid experiencing vacant properties. Despite the seasonal downturn, and the increase in supply, there remains healthy demand for property and rents are still £26pcm higher than last January,” he said.

Gravatars are small images that can show your personality. You can get your gravatar for free today!

View the original article here

Read more »

Posted in: buoyant,buytolet,market,Prices