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?
House price growth 'halves'
The rate of house price growth in the UK more than halved during June, according to the Royal Institute of Chartered Surveyors (Rics).Rics says that that in the last month a ratio of 10.6 per cent more chartered surveyors reported a rise than a fall in house prices, which compared to a balance of 22.5 per cent recorded in May.The professional body claims the research shows that five interest rate...Read More
Government not doing enough to combat housing crisis
13/08/2015 The Royal Institute of Chartered Surveyors (Rics) has claimed that the UK government is still not doing enough to fix the current housing crisis. A survey conducted by Rics has shown that the number of homes for sale in the UK has hit a record low. Demand has risen to its highest rate for 18 months, and is outstripping supply, which in turn will lead to a substantial increase in...Read More
Northeast builder issues challenge to the Treasury
In a move which will no doubt catch the attention of first-time buyers in the north-east of England, Meadowcroft, a housing company in the region, has announced plans to offer financial assistance to first-time buyers. The company already offers a significant advice service regarding the various government rescue packages and mortgage schemes available, but they now believe it is time to go one st...Read More
UK rental market under severe pressure
The Royal institution of Chartered Surveyors (RICS) has this evening dropped a bombshell on the UK property market with data showing a significant fall in rental value and many estate agents forecasting further downside. The survey revealed that 55% of estate agents expect rental rates to fall over the next three months against just 48% in April. The problem appears to be oversupply in the UK rent...Read More
Property buyers holding off until election
In a sign of the times estate agents have warned economists and analysts that homebuyers appear to be holding off in the run-up to the general election. This warning from the property sector would seem to confirm recent surveys which show that house prices appear to have stagnated after a drop in activity within the sector. In reality this particular type of strategy by property buyers is under...Read More