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?
Is the UK housing market starting to stabilise?
A report by the Royal Institution of Chartered Surveyors has given further hope to homeowners across the UK with a suggestion that the gap between advertised asking prices and actual selling prices has reduced over recent weeks. This would indicate that value is returning to the UK housing market and buyer are more willing to pay nearer the asking price than at any time in the recent past. So have...Read More
Is it time to pump your savings into the UK property market?
While the UK property market is struggling to pull away from the credit crunch and recession it can be difficult to look longer term in relation to UK property prices. While prices are unlikely to push ahead in the short to medium term, due to increased taxes, a reduced public sector budget and difficulties overseas, is there still potential for long-term capital growth in the property sector?...Read More
UK consumers predict house price increases in 2010
Despite the fact that more and more analysts are becoming concerned about the fragile nature of the UK economic upturn, over 50% of UK consumers believe that property prices will increase in 2010. This prompts the question as to whether this possibly "unjust" optimism could backfire and push us back into recession or could this be the catalyst for a strong recovery in the UK economy? The truth...Read More
Nationwide home survey shows first rise in over 12 months
The Nationwide housing survey has confirmed the first annual rise in UK home prices for 19 months. In the 12 months to October 2009 the price of the average home in the UK increased by 2% although the rate of increase has slowed from 1.4% in August and 0.9% in September to just 0.4% in October. While there may be a number of factors to explain the reduction in the rate of increase, the very fact t...Read More
Are advertised property sale prices still achievable?
As the UK property market continues to head downwards many people are starting to ask the question, "Are advertised property sale prices still achievable?".
While not necessarily published in the open press there is evidence that a number of property sales are under discussion at prices which are significantly less than those advertised in the wider press. Despite a lack of headline...