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?
What could you do with £23,000?
It has been revealed that the average home across the UK has lost £23,000 in value over the last 12 months. However, with many observers forecasting harder times ahead for the property market it seems as though this figure may grow substantially unless we see a major turnaround in the economy.
Many people will be shocked to learn the true extent of the UK fall off because figures...
Property slowdown 'could hit first time buyers'
Contrary to some hopes that a slowdown in the property market could result in more people being able to get onto the bottom rung of the ladder, it has been claimed that the current circumstances could be bad news for first time buyers.Lucian Cook, director of research at Savills, warned that first time buyers are unlikely to benefit immediately from a slowdown in property prices and the global cre...Read More
Middle classes 'gentrifying' market towns
Middle class people buying second properties in English market towns are having a profound and inexorable effect on the local area, new research claims.Although second home ownership abroad is often the main choice for people with money to invest in a second property, Researcher Craig Wheway from the University of Leicester argues that English market towns are becoming increasingly popular.This ha...Read More
Halifax survey confirms UK house prices fell by 0.6% in June
A survey by Halifax has today confirmed that UK house prices fell by 0.6% in the month of June although this does contrast with an earlier report by the Nationwide which showed that house prices increased by 0.1% over the same period. The truth of the matter is that these property surveys have never moved in tandem although ultimately they are very useful in formulating trends for the short to med...Read More
UK house prices continue to decline
Nationwide has reported a 15 consecutive fall in UK house prices, with confirmation of a 1.3% reduction in prices in January, and the UK land registry house price index also revealed a 2% reduction in prices in December and a revision of the November fall from 1.9% to 2.1%. The Nationwide figures show an annual fall of 15.9% while the land registry index shows a drop of 13.5% over the same period....Read More