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?
Number of new homes falls to 50 year low
It has been revealed that the number of new homes being built in the UK has actually fallen to a 50 year low. While it is no surprise to see the number of new homes well down over the last 18 months, a 50 year low is even worse then the most pessimistic had expected. However, this is just where the problems begin!
Not only have we seen the new homes market shattered but we have al...
Changes in the UK property sector
A report by the Halifax has highlighted the fact that more and more people are living alone with an increase in sales of terraced houses and flats in the UK. The report has also highlighted the fact that just 19% of those acquiring properties in the UK are looking for a home which does not need any alterations whatsoever. It seems that more and more people are now willing and able to carry out the...Read More
UK repossessions on the increase
A report by the Financial Services Authority (FSA) has today confirmed the dire situation for the UK property market. A total of 13,161 homes were repossessed in the third quarter of 2008 which represents a 92% increase on the corresponding period in 2007. There are serious concerns that the overall trend in repossessions is set to move sharply higher as the property market comes under more and mo...Read More
Will City rents increase in 2010?
A report by property consultants King Sturge claims that the rental values will increase by up to 10.5% in the City of London in 2010. While this is obviously a massive U-turn compared to the 40% collapse in rental values during the recession there is some concern about the basis upon which these forecasts have been calculated. The consultant seems to be ignoring the fact that a number of promi...Read More
Report Suggests Exams For Estate Agents
While the fearsome reputation of estate agents of the past may not fully reflect the more structured approach to the industry of today, a new report suggests that it is time for estate agents to sit exams before they are able to work in the industry. Surprisingly it seems that currently anyone can work as an estate agent and start selling to the public without a single relevant qualification - a...Read More