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?
Why is the UK property sector so important to the economy?
Over the last few years it has become more and more apparent that the UK property market is effectively the tail that wags the dog of the UK economy. Every economic bailout, every fiscal policy and every government initiative aimed at the consumer market would appear to have the property sector in mind. The truth is that the vast majority of individual wealth in the UK is tied up in the UK propert...Read More
Annual Housing Transactions Reach One Million
06/02/2014 A report from Halifax has suggested that the housing market is continuing to exhibit an upward trend, as transactions in 2013 reached one million for the first time since the financial crisis in 2007. Home sales rose for the ninth consecutive month in December to 103,040, which is 30% higher than in December 2012. Additionally, the number of mortgage approvals, which is a key fact...Read More
Hammerson announces blue-chip tenant talks
In a sign that demand for property is beginning to pick up in the city of London, Hammerson, one of the U.K.'s largest corporate property companies, has announced that it is in talks regarding the possible pre-letting of two office developments in London. This is the first major sign of any significant interest in the corporate property market and against a backdrop of difficult trading in the fin...Read More
Hung parliament could see house prices fall
A number of property experts have stepped forward to express their fears about the UK property market during the remainder of 2010. There is concern that a hung parliament will increase the cost of borrowing in the UK which would reduce liquidity in the mortgage market and increase the cost of mortgages for UK consumers. A reduction in demand for houses would obviously impact on prices in a negati...Read More
UK house prices expected to rise in short-term
The Royal Institution of Chartered Surveyors (RICS) has today issued a report which suggests that while property prices are still falling across UK, the rate of decline has reduced markedly. There is a belief that UK property prices will actually start to rise in the short-term although part of this may be due to a lack of housing stock for sale in the UK.
The report shows that only...