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?
Council tax to rise 4.3 per cent
The average amount of council tax to be paid on dwellings in England will rise by 4.3 per cent in 2007-08, the government has revealed.Today's official figures, a requirement of last week's Budget, show that two adults living in a band D property will have to pay £1,321 in council tax, compared to £1,268 last year.In London the average bill will be £1,258, lower than that of both other metropol...Read More
Help to buy scheme extended for new homes until 2020
17/03/2014 House builders have been handed a boost by the government today as the chancellor announced that the first stage of the help to buy scheme will be extended until 2020, allowing a further 120,000 houses to be built. The first part of the ‘Help to Buy’ scheme is specifically aimed at helping people buy new build homes, and was originally expected to end in 2016. However, thi...Read More
Another day another property report
As the future direction of the UK property market comes under ever closer scrutiny they were reports disclosed this week which indicated a potential rise in property prices by the end of 2009 and a 25% fall in like-for-like mortgage approvals in March. These figures would appear to indicate significantly different outcomes in the short to medium term but many investors still continue to cling on t...Read More
Has Scotland Escaped The Worst Of The UK Property Price Falls?
As the general UK housing market continues to fall there are signs that Scotland may well be fairing better than others in the UK. Figures from the Council of Mortgage Lending show that Scotland’s share of new mortgages in the UK actually increased by a third since the start of the year. While there was still a 20% fall over the period and a 40% fall in the number of transactions over the...Read More
Bank of England estimates 11% of UK homeowners in negative equity
While this may be a headline grabbing report from the Bank of England, which has estimated that up to 11% of UK homeowners may potentially be in negative equity, in all honesty it is not unexpected. The report suggests that between 7% and 11% of UK homeowners are in serious trouble with their mortgages, a figure which equates to around 1.1 million homes across the UK.
The major conc...