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?
The Queen Of The Property Market
She may be seen as just the head of state in the eyes of many of the UK population, but the Queen has a great head for figures, perfectly demonstrated by the £211 million record profits produced from her property portfolio. Even in times of trouble it seems as though the Queen can do no wrong, although the income from her portfolio does filter back to the UK government under ancient rules.
Number of homes for sale drops to seven year low
20/01/2014 The number of properties on the market in the UK has dropped to the lowest level since the recession ended, as prices continue to rise. February 2007 was the last time fewer homes were for sale, with an average of 58 available per estate agency in January, compared to 64 in the same period a year ago, according to Rightmove. House sales rose steadily throughout 2013 as people...Read More
Hammerson announces blue-chip tenant talks
In a sign that demand for property is beginning to pick up in the city of London, Hammerson, one of the U.K.'s largest corporate property companies, has announced that it is in talks regarding the possible pre-letting of two office developments in London. This is the first major sign of any significant interest in the corporate property market and against a backdrop of difficult trading in the fin...Read More
A third of house sales fall through because of cold feet
As many as a third of house buyers are pulling out of purchases at the very last minute after getting cold feet amid fears of a property slump.Britain's biggest mortgage broker, Charcol, has seen a rise of more than 50 per cent in the number of purchasers dropping out in the last six months alone, while Mike Hewson, a partner at Ibbett Mosely estate agents also reported that four in ten deals are...Read More
Bank of England gives confusing opinion on UK property
Only a few days ago a member of the Bank of England's monetary policy committee suggested that the UK economy was on the crest of a recovery and the worst was over. Many people took this to be the official line from the Bank of England although over the weekend another member of the monetary policy committee has suggested that the UK property sector may stall in 2010 and could actually go into rev...Read More