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?
Sharing space saves savvy city-dwellers cash
Gumtree.com, Britain's busiest website for people seeking accommodation, has just announced an increase of 38 per cent in flatshare listings.Additionally, some 19 per cent of lodgers choose not only to share a property, but also share their bedroom with another boarder in order to halve their rent.Tenants have increasingly opted for accommodation measures such as 'couch surfing', which was introdu...Read More
Complaints against estate agents continue to grow
It will come as no surprise to many people involved in the property market that complaints against estate agents in the UK have remained relatively high when you consider the collapse in the UK property market. While the number of UK property sales fell by more than 60% in 2008 we saw a less significant 3% fall in the number of complaints regarding sale, letting and purchase agreements through est...Read More
HBOS Forecasts 9% Drop In UK House Prices In 2008
While the company may be in the midst of a £4 billion funding call, HBOS, which takes in the bell weather of the UK mortgage market Halifax, has issued something of a downbeat statement on the UK property market and revised forecasts for the future. Just recently the bank had been suggesting a mid-digit fall in property prices this year but now this has been revised to a 9% fall for 2008. HBOS...Read More
Have We Seen The End Of The Property Programs On TV?
The rise and rise of such programs as Channel 5's 'How to be a property developer' have reflected the massive public support for financial advice programs where it seems very easy to make a fortune. Many people have followed these programs and invested into the property market, even though a great number were not experienced in the first place, often banking big bucks in the process. While it wa...Read More
Government 'should build 3m more homes'
The government should build a minimum of three million more homes by 2020, it has been suggested.According to the National Housing and Planning Advice Unit (NHPAU), big new-build property projects are needed over the long-term in order to alleviate demand.This recommendation exceeds the government's own 2020 target by around one million.NHPAU also said that the current property downturn - which ha...Read More