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?
Will an increase in social housing hold back the UK property market?
Leaks from the UK Treasury are suggesting that the UK government is set to put aside significant funding for social housing across the country. However, while there is no doubt that demand for social housing has never been higher, with more and more homes being repossessed and families thrown onto the street, there are concerns this could impact on the short to medium term potential of a property...Read More
Wales is hot property for investors
Buy-to-let landlords who have invested in Wales will have been pleased to see massive returns on their property, as rents have increased by a massive 33 per cent over the past quarter, according to Paragon Mortgages' latest buy to let index.The average annual rent that a landlord asked for in Wales has increased by 32.7 per cent between December and March, pushing it to £11,251 on an average prop...Read More
Property giants face cash calls
It is rumoured that Hammerson and British Land, two giants of the UK real estate sector, are set to ask investors for cash injections totalling £1 billion. There have been rumours for some time that the UK commercial property sector is in serious trouble with suggestions that UK banks may have to write off anything up to £200 billion over the next few years. The suggestion that Hammerson and Bri...Read More
Will property buyers talk themselves into a downturn?
Today's revelation that we saw the first month on month reduction in UK house prices for 10 months has spooked many investors in the market and heightened concerns about the strength of the underlying property market and the UK economy. While it is dangerous to take any one figure in isolation there is the potential for property buyers to hold back on their buying interest in the short term and se...Read More
Are Brokers Set To Bail Out UK Housebuilders?
While the likes of Barratt Developments has been at the centre of much speculation about their financial position, the sector as a whole has seen a number of doom and gloom forecasts for the months ahead. While Barratt’s came forward to dismiss the rumours of a financial crisis, the company did not dismiss out of hand the fact that funding may be required to continue trading. So what is go...Read More