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?
66pc of People looking to buy property in the next 12 Months
Two in three people are looking to buy new property over the course of the next twelve months; of which 25pc are would be first time buyers. This is great news for the UK property market, after years of price and demand decline. There has been no secret about the fact that the economic downturn which started in 2008 has affected almost everything we do. People socialise less often, are saving...Read More
HBOS Calls It A Day On 53 Estate Agency Branches
News that HBOS has closed down 53 of its Halifax estate agency branches was not totally unexpected but may not be the last of the closures. The move has resulted in 100 job losses with news that elsewhere in the group 450 employees have been relocated to different areas of the company. While this news is still being digested it also seems as though HBOS will consider 'selective asset disposals'...Read More
Will Google dominate the property sector in the future?
This week saw a sharp reverse in the share price of Rightmove after rumours emerged that search engine giant Google was looking to cash in on the online property sector and compete head-to-head with Rightmove. While many investors cashed in their Rightmove chips and moved on to pastures new there are a number of analysts who believe the fall has been overdone. So can Google really dominate the pro...Read More
Norwich City council pledges action after homes scandal
Norwich City council, a Labour controlled council, has today confirmed it will "make good the damage" caused after revelations that elderly tenants were evicted from their properties in order to accommodate senior council staff. It appears a number of senior citizens were evicted from their prime low rent homes only to be replaced by senior Norwich City council officials who were able to enjoy ver...Read More
House price growth continues into 2007
Britain's house price growth continued undeterred by interest rate rises in January, government figures show.Statistics released today by the Department for Communities and Local Government (DCLG) reveal that the average UK house price stood at £205,286 in January, up from the £201,090 reported for December last year.Britain's annual house price growth accelerated from 9.9 per cent in December t...Read More