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?
Homeowners encouraged to make security improvements
Homeowners have been advised to improve security measures to protect their homes from burglars.Virgin Money has suggested that consumers invest in an intruder alarm and ensure they lock all doors and windows when leaving their property unattended.As well as choosing an adequate home insurance policy, the company advised homeowners to install a safe and avoid leaving valuable items on view.The advi...Read More
Is the UK property sector on the verge of financial meltdown?
As we see the likes of Land Securities coming to the market for effective rescue funding there is a growing concern that the UK commercial and domestic property markets are on the verge of meltdown. While the domestic market has been declining for well over 12 months now, there are growing concerns that the potential problems in the commercial property market could dwarf those in the domestic mark...Read More
Sale and rent back agreements to be regulated
The Financial Services Authority will regulate the sale and rent back market from 1 July in a move which will protect many homeowners in the UK who have been tempted by the scheme. Historically these particular schemes, which see property sold at below the market price in exchange for a long-term rental agreement, have attracted the attention of cash-strapped investors looking to maximise their as...Read More
Are first-time property buyers the key to the UK economic upturn?
At this moment in time the first-time buyer of property in the UK is a very rare commodity as mortgage lenders look to pull up the drawbridge and reduce their short-term risks. Despite the fact that we have seen an increase in the number of first-time property buyer mortgage options over the last few days this is not a trend which the vast majority of mortgage lenders in the UK have yet taken up....Read More
Annual house price growth down again in February
The rate of annual house price growth declined during February for the sixth consecutive month, it has been revealed. According to the Land Registry's house price index, which is generally regarded as one of the most accurate of the regular property sector studies, the rate of annual house price inflation fell to 5.3 per cent during the month. By way of comparison, in January the figure had stood...Read More