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.
The Royal institution of Chartered Surveyors predicts 50,000 repossessions this year
In direct contrast to the figures released by the Council of Mortgage Lenders (CML) the Royal Institution of Chartered Surveyors (RICS) has today revealed a forecast that 50,000 homes will be repossessed in the UK this year. This is significantly less than the 75,000 forecast by the CML and places yet more confusion into the UK property market. Interestingly, the figure of 50,000 repossessed homes...Read More
Has Scotland Escaped The Worst Of The UK Property Price Falls?
As the general UK housing market continues to fall there are signs that Scotland may well be fairing better than others in the UK. Figures from the Council of Mortgage Lending show that Scotland’s share of new mortgages in the UK actually increased by a third since the start of the year. While there was still a 20% fall over the period and a 40% fall in the number of transactions over the...Read More
ITV report suggests 3 million people in the UK are in negative equity
Only yesterday it was confirmed by the Council of Mortgage Lenders that in excess of 900,000 homeowners in the UK have been caught by the negative equity trap. However, a report by ITV today suggests this figure could be as high as 3.5 million homeowners which would represent around one third of all homes in the UK. While the figure of 3.5 million is probably towards the top end of the "real situa...Read More
One-in-four would change location to get on the housing ladder
One-in-four first-time buyers would consider moving to a different part of the country to stand a chance of getting on the housing ladder, according to a poll by Abbey Mortgages.A shocking one-in-six would even consider moving abroad and the same number would take on three jobs if it meant that they could afford their first home. The research found a shift in attitudes towards getting on the prope...Read More
UK government launches landlord feedback system
The UK government has today launched a new initiative which will allow tenants to post feedback on their landlords on a new online forum. There will also be a new hotline offering advice to tenants as well as a National Landlord Register which will allow prospective tenants to see how quickly their prospective landlords fix problems and how well their properties are maintained. While there is n...Read More