Confusing signals from the UK property market
Despite the fact that recent information released regarding the UK property sector would seem to indicate a downturn in business and property prices, the Council of Mortgage Lenders in the UK has confirmed a reduction in repossessions in the second quarter of 2010. A total of 9400 properties were repossessed in the three months to June 2010 which is down 400 from the previous quarter and down 2400 compared to same period last year.
As a consequence the Council of Mortgage Lenders has revised its forecast for repossessions for the full year to 39,000 against an initial forecast last year of 53,000. This also compares favourably to the total 47,700 properties which were repossessed during the whole of 2009. Again this would appear to indicate that fewer people are falling behind with their mortgage payments which would in itself indicate an improvement, or at least stability, in the UK economy.
However, this comes at a time when the public sector budget is being slashed, the economic revival appears to be flagging and UK property prices have started to downturn. Whether or not the new forecast of 39,000 repossessions in 2010 is revised, if the economy does falter in the second half of 2010, remains to be seen.
Edinburgh set to lead UK housing market higher
Edinburgh will be the unlikely setting for the U.K.'s first property sector year-on-year increase when figures are announced later this week. The average home in Edinburgh now cost in the region of £212,000 which is a surprise 6% increase compared to this time last year. At a time when the Scottish economy is under real pressure, from a number of avenues, it seems that property in Scotland is sti...Read More
Public support needed to tackle 'housing crisis'
Public support is essential if house builders are to play their part in resolving the UK's housing crisis, the industry has warned.With demand in desirable parts of the country continuing to outstrip supply, the country needs more houses.But the Home Builders Federation (HBF) has said local communities are often unwilling to have new developments on their doorsteps."We need to build more homes con...Read More
Lloyds faces a £200 million hit after property company collapse
Lloyds bank today stands on the verge of a potential £200 million hit after the collapse of Thornfield Ventures. This is an operation which was backed by Lloyds bank's HBOS division to the tune of around £500 million. The main parent company and three subsidiaries are now in administration with a potentially enormous loss on the cards for Lloyds bank. Even though there has been some recovery...Read More
Embark on property market 'with savings in place'
Those looking to get onto the first rung of the property ladder are best placed to do so if they have savings behind them, according to financial advisers Key Financial Consultants. Dominic Mansley, managing director of the firm, said that it was best for first-time buyers to have savings to rely on, rather than using 100 per cent plus mortgages, credit cards and loans to cover the costs associate...Read More
UK government launches landlord feedback system
The UK government has today launched a new initiative which will allow tenants to post feedback on their landlords on a new online forum. There will also be a new hotline offering advice to tenants as well as a National Landlord Register which will allow prospective tenants to see how quickly their prospective landlords fix problems and how well their properties are maintained. While there is n...Read More