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?
Home Information Packs - A Tax On Home Sales?
The National Association of Estate Agents has called on the government to instigate a thorough review of the Home Information Pack (HIPs) system amid claims that it is not fit for purpose. It was common knowledge prior to the launch that some mortgage lenders would still ask for their own surveys leading to claims that HIPs are just a tax on home sales.
However, the chances of the...
Terraced trend increases over ten years
Property price increases have been the greatest for terraced houses as compared to all other types of property in the UK over the past decade, according to a new report by Halifax estate agents.The price of an average terraced house has risen by 239 per cent from £54,945 in 1996 to £186,316 last year. The average increase for all types of property was 205 per cent overall.Terraced houses still h...Read More
Rent arrears fall as market improves
The National Landlords Association has this week issued a statement regarding rent arrears in the UK rental market. While there is still a significant number of tenants owing rent arrears, with a figure of around 20% quoted by the association for the second quarter of 2010, this is well down on the 24.5% during the first quarter of 2010. So is this a turning point for the UK property market? Wh...Read More
Sale And Lease Back Sector To Be Investigated
In a move which many in the market believe is long overdue, the Office of Fair Trading (OFT) has announced plans to investigate the Sale and Lease Back sector with observers concerned that we have a real consumer scandal in the making. In affect these are the companies that will buy your house from you at a discount to the market price and lease back to you for an agreed period. After that perio...Read More
Property buyers holding off until election
In a sign of the times estate agents have warned economists and analysts that homebuyers appear to be holding off in the run-up to the general election. This warning from the property sector would seem to confirm recent surveys which show that house prices appear to have stagnated after a drop in activity within the sector. In reality this particular type of strategy by property buyers is under...Read More