An estimated 1.34 million individuals with adverse credit are expected to be looking to purchase a property within the next 12-months.
An estimated 1.34 million individuals with adverse credit are expected to be looking to purchase a property within the next 12-months, according to research carried out by YouGov on behalf of Pepper Money.
The research found that 15% of respondents, equating to 7.86 million people, have experienced credit issues such as missed payments, CCJs, defaults, unsecured arrears and secured arrears, in the last three years.
Of these, 17% or 1.34 million people, are planning to purchase a property in the next 12 months.
According to Pepper Money, this figure has increased by 80,000 since the firm conducted its Adverse Credit Study in October 2019.
Paul Adams, sales director at Pepper Money, said: “Six months ago, we carried out research that showed the potential adverse credit mortgage market was larger than probably anybody had assumed and this latest data indicates that the number of people with adverse credit who are looking for a mortgage is on the rise.
“The total population of people with adverse credit has not actually changed since the last wave of research and still stands at 15% of adults.
“However, more of these people intend to purchase a property in the next 12 months, up slightly from 16% to 17%, which equates to an increase in the potential adverse credit mortgage market of nearly 80,000.
“This increase has been driven by more people with adverse credit intending to purchase Buy to Let property to rent out in the next year, and highlights an important growth market for brokers.”
