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?
Investors Flee Property Markets
For many years the UK property investment community has been very buoyant with a growing exposure to many areas of the world. However, as the credit crunch continues to hit home we are seeing more and more UK investors move out of emerging property markets because of financing issues. The sector has also seen a substantial fall in property prices as the more speculative end of the market comes u...Read More
The costs of buying a property with a SIPP
It is possible to use your Self-Invested Pension Plan (SIPP) to purchase a property. However you must bear in mind that there are costs involved in buying property using your SIPP, all of which have to be paid by the SIPP itself. These include; • Surveyor's fees (including any environmental surveys) • Solicitor's fees • Searches • Stamp duty • VAT - if appli...Read More
Halifax Call House Price Fall
There has been a 0.1% house price fall in November, according to The Halifax. The Lloyds Banking Group subsidiary claims that the price for an average property is now 0.7% cheaper than it was this time last year. The UK average house price now stands at £164,708. A major reason for this fall is that demand is not matching supply but in a reverse way where there are simply more properties a...Read More
Co-op releases first-time buyer research
First-time buyers plan to save an average of £20,000 before purchasing their home, the Co-operative Bank has revealed.New research, undertaken by the bank in collaboration with Places for People, also showed that the typical buyer is planning to wait two years before getting on the property ladder, the Press Association reports.The group were found to be conservative on matters of property, with...Read More
When is the best time to sell your property?
After the recent increase in the average property price in the UK a number of potential sellers will now be looking towards possibly putting their property on the market. But when is the best time to sell your property in the UK? The truth is that without the help of a crystal ball it is impossible to pinpoint the best time to sell your property. While many analysts are moving towards a bullish...Read More