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?
Homeowners 'forced into property sales'
Many properties in the UK are on the market because their owners cannot afford to pay their mortgages, a new survey of estate agents has revealed.The National Association of Estate Agents (NAEA) carried out the study for the Times and discovered that more than half of the agents polled said that at least one in five of the homes on their books were put up for sale because of difficulties over repa...Read More
Fitch expects UK house prices to fall by 20%
In a rather startling report, ratings agency Fitch has today issued a suggestion that UK house prices will fall by 20% once the current "false dawn" has worked through the system. While this is definitely the most downbeat report about the UK property sector for some time, there has been a feeling in some quarters that the UK property sector was not performing half as well as some would have you b...Read More
Investors Flee Property Markets
For many years the UK property investment community has been very buoyant with a growing exposure to many areas of the world. However, as the credit crunch continues to hit home we are seeing more and more UK investors move out of emerging property markets because of financing issues. The sector has also seen a substantial fall in property prices as the more speculative end of the market comes u...Read More
UK repossessions on the increase
A report by the Financial Services Authority (FSA) has today confirmed the dire situation for the UK property market. A total of 13,161 homes were repossessed in the third quarter of 2008 which represents a 92% increase on the corresponding period in 2007. There are serious concerns that the overall trend in repossessions is set to move sharply higher as the property market comes under more and mo...Read More
Northwest property market hit by fall
Despite the fact that the average UK property fell by 0.3% in July, figures obtained by the property industry show that the average price of a home in the Northwest of England fell by 0.5% over the same period. There has been a marked increase in the number of properties for sale which are up by 4.4% in Greater Manchester and 5.2% in the more affluent area of Cheshire. While it has to be said t...Read More