The hidden heartache of repossession
Despite the fact that the Council of Mortgage Lenders last week reduced its forecast of the number of homes to be repossessed in the UK, we may well be missing the point. It was revealed that 9800 homes were repossessed in the first quarter of 2010 and this figure fell to 9400 in the second quarter with an estimate that "just" 39,000 homes would be repossessed this year as opposed to initial forecasts of around 53,000. However, surely 39,000 homes is way too many?
Over the last few days we have seen a number of disturbing stories in the press regarding families who have virtually been ripped apart after losing their homes and spiralling into financial difficulties. This comes at a time when the UK government is looking to half mortgage benefit payments while attempting to place more pressure on the UK banking industry to make more finance available. The human cost of repossession is very much cast aside in favour of headlines which can often be very positive or very negative. However, repossessions in the UK can very often be the start of a traumatic period for those involved which can end in tragedy and heartache.
Is now the right time for the government to reduce mortgage benefit payments?
Slow house price growth, despite credit turmoil
House prices overcame the turmoil in the credit market and grew by 0.7 per cent in September.According to Nationwide, the average price of a home has risen to £184,723, from £183,898 in August, despite riskier mortgages becoming more expensive for borrowers. Annual price growth has now slowed to nine per cent, down from 9.6 per cent last month - its lowest rate in almost a year. Nationwide added...Read More
Have house prices fallen too far for equity release?
Figure from the Bank of England show that a net £2.8 billion was paid off the value of outstanding mortgages over the last quarter which is a sharp change from the £5.2 billion of debt which was added to the mortgage figure in the UK in the preceding quarter.
While many UK home owners had been looking to release equity from their homes by remortgaging part or all of their assets...
New House Starts Fall By 21% In First Quarter Of 2008
In a move which is hardly surprising we have today heard confirmation that new housing starts in the UK fell by 21% compared to the previous quarter, although the fall is larger at 24% compared to the same period last year. There was also similar news on the housing completions number which fell 18% to 39,500 compared to the same period last year, but only 12% compared to the last quarter. T...Read More
Buy to let market running out of steam
The CML has today revealed that the UK buy to let market has rebounded strongly from post-credit crunch levels although it would appear to be running out of steam. The number of buy-to-let mortgages agreed increased by 13% in the second quarter of 2010 with around 25,000 confirmed. While these figures are welcomed by investors in the buy to let market they are just around 25% of the business level...Read More
Government Withdraw Home Sales Data
News that the government has withdrawn data on home sales for the last three years because of inaccuracies has opened a 'can of worms' in investment markets. While the authorities would not confirm the exact nature of the problem with the home sales data it was serious enough to order a complete review of data for the last three years which will see new figures released in the future. But if the...Read More