Confusing signals from the UK property market
Despite the fact that recent information released regarding the UK property sector would seem to indicate a downturn in business and property prices, the Council of Mortgage Lenders in the UK has confirmed a reduction in repossessions in the second quarter of 2010. A total of 9400 properties were repossessed in the three months to June 2010 which is down 400 from the previous quarter and down 2400 compared to same period last year.
As a consequence the Council of Mortgage Lenders has revised its forecast for repossessions for the full year to 39,000 against an initial forecast last year of 53,000. This also compares favourably to the total 47,700 properties which were repossessed during the whole of 2009. Again this would appear to indicate that fewer people are falling behind with their mortgage payments which would in itself indicate an improvement, or at least stability, in the UK economy.
However, this comes at a time when the public sector budget is being slashed, the economic revival appears to be flagging and UK property prices have started to downturn. Whether or not the new forecast of 39,000 repossessions in 2010 is revised, if the economy does falter in the second half of 2010, remains to be seen.
Many homeowners unaware of flood risk, says Abbey
Despite the devastating flooding seen across the country this summer, research from Abbey shows that many people still do not know if their home is at risk.Abbey's figures suggest that 6.2 million people still do not know if their home is at risk from flooding, even though 39.9 million would be put off buying a home located on a flood plain and one in five people have had trouble selling their hom...Read More
UK home repossessions climb yet higher
As the number of homes repossessed in the UK continues to increase, the Council of Mortgage Lenders (CML) today revealed that 12,800 homes were repossessed in the first three months of 2009. While this was an increase of 23% on the previous quarter the like-for-like increase on the same period last year is a massive 50% as the UK property market continues to struggle.
Flood risk Housing could see Prices Plunge
Over 200,000 homes in the UK could become uninsurable, and subsequently unmortgageable, because of their susceptibility to flooding. An agreement, which is set to expire next June, has ensured that even homes in the highest risk flooding areas across the UK can obtain buildings and contents insurance, if the Government promises to spend more improving flood defences. However this deal between...Read More
UK rental costs highest in Europe
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Long-term investment strategies : Property
While there are signs of a potential recovery in the UK property market nothing is definite at this moment in time with the recession balanced on a knife edge. However, while historically property has been one of the main investment vehicles for many people around the world there had been a suggestion this could change in the foreseeable future. So will we see property taken over as the number-one...Read More