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?
Co-op releases first-time buyer research
First-time buyers plan to save an average of £20,000 before purchasing their home, the Co-operative Bank has revealed.New research, undertaken by the bank in collaboration with Places for People, also showed that the typical buyer is planning to wait two years before getting on the property ladder, the Press Association reports.The group were found to be conservative on matters of property, with...Read More
House price inflation slows
Annual house price inflation in Britain eased during March, government housing data has shown.Official figures released today reveal that during the third month of the year house prices rose 10.9 per cent compared to March 2006.But the corresponding annual house price rise recorded in February stood at 11.8 per cent.In London meanwhile annual house price inflation was 13.9 per cent in March, more...Read More
Housing market recovery is ‘spreading’
11/09/2013 Housing developer Barratt’s has claimed the recovery of the housing market is “spreading beyond London and the South East,” supporting claims from the Royal Institution of Chartered Surveyors (Rics), who have also maintained a similar increase in the housing market outside of London and the South East is evident. Barratt Development posted pre-tax profits of £104.8 million...Read More
Buy to let yields continue to fall
In a sign of strength in the UK property market it has been revealed that the average buy to let property now commands a rent of 4.75% as of January 2010 compared to a peak of 5.1% in March 2009. Despite the fact that UK property prices have risen over the last few months, many landlords have found it difficult to push through rent increases and indeed an increase in the number of rental propertie...Read More
Average UK house price back above £200,000
Information released by the Communities and Local Government (CLG) shows that the average UK house price has now risen back above £200,000. While figures from November show that the rate of increase in the value of property in UK is starting to slow, prices in November were still 0.6% higher than the corresponding period in 2008. However, while house prices are starting to stabilise and consolida...Read More