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?
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
Manchester City sign £1 billion property development agreement
Manchester City football club, currently under the ownership of Sheikh Mansour, has today announced plans for a £1 billion development of the land around the football club stadium. This is part of a wider development in the Manchester area with co-operation from the Manchester City Council. The move will revitalise an area of Manchester which has for many years been in decline and bring employ...Read More
UK house prices could end the year higher than 2008
Surveyors have joined the party of property experts in the UK who now believe that UK property prices could actually end 2009 higher than they ended 2008. This is a remarkable turnaround in the UK property market which only a few weeks ago appeared friendless and with little hope of a short term recovery. However, many people believe that the average house price in the UK predominately reflects sp...Read More
Tesco announce plans to build four mini-villages in UK
Tesco, the UK's largest supermarket group, has today announced plans to build four mini villages across the UK in what many believe is a sign of things to come. The company has been looking to expand into property for some time and today's revelation that new developments will be built at Bromley by Bow, East London, Dartford, Kent, Streatham, South London and Woolwich have received mixed response...Read More
Sub-prime mortgages withdrawn in credit crunch
Potential homebuyers are set to find it ever harder to enter the housing market as a result of providers withdrawing sub-prime products from their portfolios, it has been predicted. Research conducted by price comparison site Moneyfacts.co.uk has found that the number of lenders offering sub-prime products has dropped from 32 to 20 in the last 12 months. Meanwhile, the number of mortgages availabl...Read More