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?
Flat Share Market Thriving
As more people fall behind with their mortgages in the UK we have seen a significant increase in the number of rental agreements and flat sharing arrangements. Speaking at today's affiliate conference, Simon Spicer from leading flat share website Roombuddies.com said:
"Flat sharing is one obvious way in which people can save money. We've seen...
What are the options with negative equity?
As more and more people in the UK face of the problems of negative equity, many are now looking around to see exactly what their options are. Unfortunately, for those looking to downgrade their properties and therefore crystallise their position before it gets any worse, the market in the UK is still very much subdued. Remortgaging at this moment in time is also not an option for many in the UK wi...Read More
House price growth continues into 2007
Britain's house price growth continued undeterred by interest rate rises in January, government figures show.Statistics released today by the Department for Communities and Local Government (DCLG) reveal that the average UK house price stood at £205,286 in January, up from the £201,090 reported for December last year.Britain's annual house price growth accelerated from 9.9 per cent in December t...Read More
House prices for first time buyers ‘up 5pc’
The price of a house for a first time buyer has risen 5pc since the summer, according to a report representing data collected by Halifax. This includes a rise of 2pc last month alone, with average prices rising to £125,799. This highlights the increasing struggle that first time buyers face to get on the property ladder, but at the same time the fact that the housing market is gaining in st...Read More
Will first-time buyers ever get back on the property ladder?
As we see the introduction of the infamous 125% mortgage from Nationwide, even though it is perhaps not as bad as it seems, there are concerns that first-time buyers in the UK will struggle to climb aboard the property ladder. Despite the fact that UK property prices have fallen substantially over the last 18 months there is still a significant gap between what are the average first-time buyer can...Read More