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?
More homebuyers escape stamp duty but the fall continues
The Council of Mortgage Lenders (CML) has reported that the government's increase in the stamp duty threshold for property purchases saw a large jump in those who avoid stamp duty on property transactions. The figures indicate that over 50% of buyers did not pay stamp duty in September compared to just 22% in September 2007.
However the housing market is still struggling with home l...
Building 'not solution' to affordable housing issue
It has been claimed that the government's efforts to build more new homes in an effort to boost the number of first time buyers in the market will not succeed.A spokesperson for Firstrung has argued that the current building plans will not boost the number of first time buyers getting onto the property ladder because not enough low-cost, keyworker homes are going to be built."I don't think the pol...Read More
Lowest house price growth in over a year
House prices grew by just 0.1 per cent in July, according to the latest Nationwide survey.This is the lowest monthly increase in house prices since April 2006, although the average UK property costs £184,270, still up £16,537 on last year.High interest rates are thought to be reducing demand for mortgages and also bringing down the rate of property inflation.Fionnuala Earley, Nationwide's chief...Read More
30-somethings helped onto property ladder
A governmental scheme called Expanded Market HomeBuy, which was launched five months ago, has already achieved 236 completed sales. The programme was designed to help people buy low-cost homes, and is principally targeted at 30 to 34-year olds, whom the government has prioritised in its bid to deliver at least 100,000 new affordable property ownerships by 2010. Julie Pearce, from the Department fo...Read More
Is there trouble ahead for the UK property market?
Respected estate agency Savills has this morning delivered a rather downbeat and depressing report on the UK property market suggesting that while 2009 is seen by many as a recovery year, 2010 is likely to see UK property prices soften as the recession continues and economic trouble continues to build. The company believes that UK property prices will fall by 6.6% in 2010 and like so many other pr...Read More