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?
Do home improvements increase the value of your house?
While the housing market in the UK is struggling to say the least there has been a pickup in interest in home improvements. However, in these times of economic distress is it worth while investing into your home or should you be putting money aside for a rainy day?
Unfortunately there is no one answer fits all for this particular question as it is literally the "horses for courses"...
Scottish seasides top of the props
Six out of ten of the seaside towns where property prices have risen most in the last 12 months were located in Scotland, according to a new study.Research from Halifax shows that Girvan, a coastal town in Ayrshire, saw the greatest growth in house prices, which rose 41 per cent on average over the past year to reach £131,512 in March 2007.Properties in the Scottish town of Arbroath saw the secon...Read More
Help to Buy – What is it?
We take a look at the new Help to Buy scheme, proposed by the Chancellor in the recent Budget. The scheme is aimed at boosting the housing market, by allowing people to get onto, or move up the housing ladder. But how is this achieved?
There are two different parts to the Help to Buy scheme. These are the ‘equity loan’ scheme and the ‘mortgage guarantee’ scheme.
More homebuyers escape stamp duty but the fall continues
The Council of Mortgage Lenders (CML) has reported that the government's increase in the stamp duty threshold for property purchases saw a large jump in those who avoid stamp duty on property transactions. The figures indicate that over 50% of buyers did not pay stamp duty in September compared to just 22% in September 2007.
However the housing market is still struggling with home l...
Hips face renewed criticism
The introduction of home information packs (Hips) has come under attack by a coalition of property industry organisations.Writing to the housing minister regarding the new packs, the National Association of Estate Agents (NAEA), the Royal Institution of Chartered Surveyors (Rics), the Council of Mortgage Lenders (CML) and the Law Society requested a meeting to discuss their concerns. However the p...Read More