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?
So how is the UK property market actually performing?
A report today by the Halifax claims that UK house prices increased by 0.6% in July, contradicting last month's report from the company which showed a 0.6% fall in June, which would appear to be at odds with the vast majority of reports issued over the last week. It is proving ever more difficult to forecast the short-term direction of the UK property market at a time when investors, the authoriti...Read More
Government acts on empty property tax
Over the last few months there has been a rather strange phenomenon in the UK property market whereby those with empty properties have still been forced to pay business tax at the full rate. In many circumstances businesses have been forced to demolish buildings to avoid the tax which was crippling many and causing serious cash flow problems. However, the government has today announced a one-year...Read More
Million-pound property sales rose 36% last year
Burgeoning house price inflation fuelled a significant increase in the sales of million-pound properties last year, new data has shown. Over the course of 2007, 8,257 properties costing £1 million or more were sold, according to research from Halifax. This represents a rise of 36 per cent compared with the figure of 6,057 recorded in 2006. The areas posting the highest number of sales of high-val...Read More
Why are first-time buyers not flocking back to the property market?
With UK homes apparently now three times more affordable for first-time buyers than prior to the credit crunch, is it right to ask the question why first-time buyers are not flocking back to the UK property market?
The substantial reduction across the UK property market has prompted suggestions that first-time buyers are looking towards properly again although the figures so far do...
Stamp duty holiday approaches conclusion in property market
When the UK government removed the 1% stamp duty on the purchase of homes with a value between £125,000 and £175,000, to inject interest into the marketplace, this was well received by property investors. However, the scheme is set to end on New Year's Eve 2009 with 1% stamp duty to be charged on properties with a value of over £125,000. As a consequence many estate agents are suggesting their...Read More