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?
Barratt Developments sees no short-term recovery
UK house builder Barratt developments has come out to confirm there are no signs of a short term recovery in the UK housing market. Despite seeing a significant increase in visitor numbers and sales rates, the group has had to give away substantial profit margin in the shape of incentives and promotions to attract any interest at all. There is concern that these reduced profit margins will put fur...Read More
UK housebuilders still under severe pressure
In a worrying development for the UK housebuilding sector Redrow, one of the leaders in the UK, has announced a very gloomy forecast for the short to medium term with concerns that buyers are leaving the market in droves with at least 20% walking away from potential purchasers through Redrow over the last two months. The company has also confirmed that more than 50% of its sales outlets are failin...Read More
London house prices rebound strongly
Prominent property website Rightmove has today confirmed that London property prices, at least in some areas, have returned to the peaks of 2007 despite the fact that the UK economy is still under pressure. While this is good news in the longer term, many people believe the move has come too soon and could cause confusion and mayhem in the short to medium term.
As more and more prop...
Land Registry reports small rise in UK house prices
The Land Registry has today issued a report suggesting that UK house prices increased by 0.3% in August which was around half of the rise seen in July. According to the report the average home in England and Wales is now valued at £167,423 with annual growth falling from 6.8% in July to 6.7% in August. These figures on the surface appear to be very much at odds with recent property reports sugges...Read More
US authorities set to investigate foreclosure market
The US authorities have confirmed plans to investigate the foreclosure industry amid concerns about the activity of some underlying participants. There is concern in some quarters that legal procedures which were put in place to protect homeowners may have been compromised in the rush to push through property sales as quickly as possible. A number of foreclosure companies this week confirmed they...Read More