Online sales helped by the credit crunch
March 29, 2008 by admin
Filed under News, News-Banking
As the effects of the credit crunch take hold consumers are increasingly looking to the internet for bargains, one financial expert has said. 
Shopsafe.co.uk said that the current trend for consumer bargain hunting was related to the tightening of purse strings brought on by the effects of the credit crunch.
Simon Crisp, director of Shopsafe.co.uk, stated that the future of online shopping was viewed to be strong with fashion and household goods being the main sectors benefiting from the increase in online spending.
“This year certainly people are looking for bargains online; they’re looking to squeeze every penny out of their budget,” he continued.
In a report from the IMRG Capgemini e-retail sales index, online sales in February were up 46 per cent on the same point last year to a record high of £4.2 billion.
Meanwhile, Marks and Spencer announced in November 2007 that their re-branded M & S Direct site has seen online sales increase by 60 per cent.
Credit crunch will hit ‘less well off’ worst
October 19, 2007 by admin
Filed under News, News-Mortgages
Mortgage-seekers who are less well off will be hardest hit by the implications of global credit squeeze.
According to a representative for money education charity Credit Action, the sub-prime mortgage crisis that hit the US with its repercussions reaching UK financial markets, has meant that those with the least will now find it hardest to be successful in mortgage applications.
The mortgage market has seen a widespread tightening up of specifications for people wishing to take out a mortgage after the problems that famously hit lender Northern Rock.
However, she said: “The companies that traditionally provide for the less well off, such as the door step lenders, won’t be affected because their system is so different.
“They rely on the agent network and I don’t think that is likely to be affected at all.”
She added that the sub-prime market makes up around “ten per cent” of the UK mortgage industry and it is clear this has been impacted by problems in the US.
