Friday, 13 December 2013

Least credit worthy regions : bad news for the NW.

I read with interest this piece in the Times  (£) yesterday on the least credit-worthy regions.

"After the North East, people from Lancashire, Wales, the West and Yorkshire had the lowest average credit ratings, according to research by Confused.com, the comparison website."

A note of warning - it could be that people have such low credit ratings because they've never had credit, however this survey indicates there is a lot of debt in the region (expressed as a household debt-ratio)

With interest, because I'm always interested in the North West and how it performs against other regions. I think Manchester and surrounding areas are great places to live, as I've blogged about before.

We can see that the NW is suffering in the housing market "boom" that Osborne is so keen on - people aren't getting on the housing ladder. 

Now we all know that correlation isn't necessarily causation, but both items paint a less than positive picture of the NW, and also wage growth and debt management in the region. It costs more to rent, and with the growth of buy-to-let, it could be we are setting up an entire generation to not own their own home, and most worryingly, having to pay rent out of their post-retirement income.

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