![]() ![]() ![]() It comes as landlords continue to battle against rising interest rates and tax changes. There were also 81,900 homeowners in mortgage arrears of 2.5% or more. Hundreds of landlords had their homes repossessed in the second quarter of this year as the number of people falling behind on their mortgage payments increased.Īround 440 buy-to-let properties were taken into repossession in the three months to June - 7% more than the previous quarter, according to UK Finance.Ī total of 8,980 landlords were in arrears of 2.5% or more of the outstanding balance in the same period - up 28% since the beginning of the year. The data revealed the average total spend on a night out decreased marginally to £74.78 per night, compared with £74.91 in March this year. People blamed the general rise in the cost of living, a need to save spare disposable income, and higher rent for reducing their nightlife socialising. More than a third of Britons say they have reduced the amount of times they go on a night out since last autumn, according to Rekom's latest Night Index research. "To then face a cost of-living crisis and huge inflationary pressures when it's 'their time' as young adults, is a real kick in the teeth." Having had their studies disrupted by COVID, a return to normality should be what they were looking forward to. "You have to feel sorry in particular for students. "We have people enjoying similar nights out but going less often because they have had to take a second look at their budgets," he added. Young Britons are still willing to spend similar amounts of money when they go out to bars and clubs but are now venturing out less regularly, Mr Marks said. Peter Marks, chairman at Rekom UK, which runs Atik and Pryzm nightclubs, said he is "desperately concerned" about how students who are out socialising less regularly than previous groups are being affected. Young people are cutting back on nights out due to rising costs, the UK's biggest nightclub operator has warned. ![]()
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