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?
The Queen Of The Property Market
She may be seen as just the head of state in the eyes of many of the UK population, but the Queen has a great head for figures, perfectly demonstrated by the £211 million record profits produced from her property portfolio. Even in times of trouble it seems as though the Queen can do no wrong, although the income from her portfolio does filter back to the UK government under ancient rules.
House price growth 'halves'
The rate of house price growth in the UK more than halved during June, according to the Royal Institute of Chartered Surveyors (Rics).Rics says that that in the last month a ratio of 10.6 per cent more chartered surveyors reported a rise than a fall in house prices, which compared to a balance of 22.5 per cent recorded in May.The professional body claims the research shows that five interest rate...Read More
Govt 'gives go ahead to flood plain housing'
The government is expected later today to give its blessing to plans to build homes on flood plains.Ahead of the publication of its green paper on the housing shortage affecting the country, housing minister Yvette Cooper said that houses would only be built in areas prone to flooding if the proper defences were in place.Her comments come after torrential rain and freak storms left large parts of...Read More
George Osborne set to target banks and property owners
In a move which will certainly upset the traditional core Conservative party support in the UK it would appear, from leaks emanating from 11 Downing St., that George Osborne is set to make UK banks and property owners pay the price for the depressed UK economy. There have been rumours for some time about a potential banking levy and the proposed increase in CGT could hit as high as 50%, on a par w...Read More
Redemptions halted in Norwich Union property fund
In what many believe will be a trend for 2009, Norwich Union has today halted redemptions of units in its property fund. A wave of pessimistic news reports and media comment would appear to have spooked many investors and the company has halted redemptions in the short to medium term. This means that over 225,000 investors in the Norwich union property fund, which has assets of £2.9 billion, will...Read More