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?
Number of homes for sale drops to seven year low
20/01/2014 The number of properties on the market in the UK has dropped to the lowest level since the recession ended, as prices continue to rise. February 2007 was the last time fewer homes were for sale, with an average of 58 available per estate agency in January, compared to 64 in the same period a year ago, according to Rightmove. House sales rose steadily throughout 2013 as people...Read More
Another House Price rise takes London average past £500k
According to property website Rightmove, average house prices across the UK have risen for the fifth consecutive month, while average prices in the capital have surpassed half a million pounds. This year the property market has had its strongest start since 2004, and prices are now an average of 9.1pc higher than at the end of 2012. All regions across the UK also posted positive results, highli...Read More
BLT 'greed' forces FTBs out
Paul Diggory, vice president of the Chartered Institute of Housing, has said that buy to let landlords are forcing first time buyers out of the housing market by buying up quantities of stock.Speaking on BBC Radio 4's Money Box programme, Paul Diggory said that the government needs to tackle the problem of the increasing number of landlords who purchase properties on buy to let mortgages only to l...Read More
Would a mortgage cap kill the property market?
There is strong talk in the city of a mortgage cap being introduced by the Bank of England with a suggestion that a minimum deposit figure could be as high as 25%. While there is no doubt that introducing a cushion between the value of any property and the funds forwarded from mortgage providers would reduce the chances of a property crash in the future it could also kill the property sector stone...Read More
Another Takeover Approach In The Property Market
Hot on the heels of the conditional takeover of Minerva it has been announced that buy-to-let specialist Paragon is in talks with a number of suitors which may or may not lead to a takeover bid for the company. After the Minerva announcement this week, the fact that more interest is being shown in the sector is very encouraging, but will it last?
When you consider that Paragon shar...