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?
Public still holding out against Hips
Nearly half of all homebuyers in the UK say that they would distrust the contents of a Home Information Pack (Hip), according to research from Saga Home Insurance.As many as 47 per cent of property investors say that they are still opposed to the introduction of Hips, which are due to become compulsory in August for sellers who own homes with more than 3 bedrooms.Perhaps these findings are not sur...Read More
First-time buyers vacate property market
It has been revealed today that the percentage of first-time buyers on the property ladder has fallen to a three-year low of just 35% in April, down from 39% in March. This will come as no surprise to those who follow the mortgage industry where liquidity for first-time buyers has been difficult to obtain for some time with more and more mortgage company's looking for larger deposits. In realit...Read More
HSBC looking to cash in property assets
Last year's repurchase of its Canary Wharf headquarters saw HSBC bank profits of around £300 million after originally selling the property for £1.1 billion in a leaseback agreement in 2007. It is rumoured that HSBC is looking at selling a portfolio of property assets held by the group with the intention of raising around £2.5 billion to assist with the funding of the business. The bulk of the t...Read More
Buyers still negotiating discounts on property prices
In a revelation which will upset many householders in the UK it has been revealed that house buyers are still negotiating average discounts of 6.2% on advertised property asking prices. The situation appears to be worse in the semi-detached housing market where the average home is going for 6.6% less than the advertised price although a 6.4% reduction in the semi-detached prices and a reduction of...Read More
House prices rise again
A Nationwide report regarding UK house prices has shown a 1.3% rise in July making it three consecutive monthly rises in a row. The average house in the UK is now valued at £158,871 and is only 6.2% down on the value 12 months ago. The marked turnaround in the UK property market has surprised many and there are indeed many sceptics who cannot as yet believe the figures are some strong.