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.
UK property prices fall for first time in 2014
21/07/2014 Property prices in the UK have fallen for the first time in 2014, according to a report by online property company Rightmove. The average asking price for a property in the UK fell by £2,116 in June to £270,159, according to the report. House prices in the North and East Midlands were affected the most as they fell by around 1.9 per cent overall, whereas Greater London prices...Read More
TUC calls for more social housing
Young workers will not be able to live in their own homes unless the government authorises more social housing construction, the Trades Union Congress (TUC) believes.The government currently plans on earmarking spending for 30,000 social housing units for rent every year over the 2008-11 period as part of its efforts to balance out the supply side of the demand-heavy UK residential housing market....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 continue to fall
A report by Hometrack has today cast a very downbeat light on the UK property sector with news that the average price of a property in the UK fell by 0.4% in September to £157,600. While this in itself is obviously a concern for investors and homeowners it is the fact that prices are falling in every area of the UK, even London, which is more concerning! So far house prices in London and the s...Read More