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?
UK house prices under pressure
A report by the Halifax has today confirmed a 0.1% reduction in UK house prices in April following on from a 1% increase in March. It appears that growth in the number of properties available for sale has seen upward pressure on prices reduce, something which is likely to remain for the foreseeable future. However, despite a fall in prices during April the average UK house price has still increase...Read More
Hips delayed until August 1st
The government has put the introduction of its controversial home information packs (Hips) scheme back by two months until August 1st.Communities secretary Ruth Kelly announced the delay, which follows a complaint lodged at the high court by the Royal Chartered Institute of Surveyors (Rics) in the House of Commons to howls of laughter from opposition MPs.The Conservatives say the government is in...Read More
Housing market problems sees 32,000 estate agents lose their jobs
While they may be the bane of many people's lives when looking to sell or purchase a house, the estate agency industry will end 2008 on a record low with 32,000 jobs lost over the last few months. The crash in the UK housing market has not only had repercussions for home owners throughout the UK but estate agents as well. There is also concern that the problems in the sector will continue well int...Read More
Is there oversupply in the UK property market?
A number of property surveys in relation to the UK property market have highlighted the fact that the UK market is moving into an "oversupply" situation. When you also take into account that many buyers are now sitting on the sidelines waiting for prices to fall further, the situation could become worse before it gets better. So why have more people decided to sell their property? There is no d...Read More
When will first-time buyers be allowed back onto the property ladder?
Over the last couple of weeks it would appear that UK mortgage approval numbers have been rising, and are in fact at double the number seen in November/December 2008. This would appear to give something of a shine to the UK mortgage market when in reality there is still a lack of realistic deals available first-time buyers and indeed unless deals do appear many may well miss out again. In what...Read More