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?
Tenants warned of landlord scams
Tenants up-and-down the UK have this week been warned of potential landlord scams by the housing charity Shelter. It seems that up to a million people in the UK could already have fallen victim to landlord scams which could see deposits retained, excessive fees for work, unlimited guarantees given instead of deposits and one of the most alarming scams which involves crooks break into empty propert...Read More
The house price quandary goes on
Official figures from the Land Registry have today cast doubt on the expected recovery in UK property market. Despite a number of reports showing a positive return on house prices in May the figures from the Land Registry show a further fall of 0.2% to an average across the UK of £152,497. While the reduction in prices is the same as that seen in April it is significantly lower than the 0.5% fall...Read More
Will UK property funds ever be the same again?
The recent announcement that Norwich Union has suspended redemptions of its UK property funds was a further nail in the coffin of the UK property investment sector where times are very tough. There are serious concerns that the impact of effectively blocking unit holders from the realising their property investments will have a detrimental impact in the short to medium term and possibly longer ter...Read More
UK pension funds set to move back into property
In a move which could give the UK property sector a solid foundation for future growth it has been revealed that pension funds and investment companies in the UK are currently in talks with the government about acquiring large scale housing developments. The idea is to create an institutional private rented sector which will see pension funds and investment companies buying up whole housing estate...Read More
Is the property stamp duty holiday open to fraud?
Lawyers around the UK have voiced their concerns about the government's recent property stamp duty holiday announcement which will see first-time buyers exempt from stamp duty on the purchase of homes up to a value of £250,000. As we covered in one of our earlier articles, HM Revenue and Customs (HMRC) has laid out strict regulations regarding who can apply for exemption but there is even confusi...Read More