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?
Agents 'not applying for Hips before selling homes'
Some estate agents are neglecting to apply for Home Information Packs (Hips) until after they begin advertising a property, the BBC reports.According to new research from the Law Society, pressure from sellers who do not wish to pay the £300 required for the packs cause this delay.This apparent consumer antipathy to Hips - which became mandatory for all home sales last year - seems to have been s...Read More
Buy-to-let landlords 'to dominate housing market'
The buy-to-let property market will grow by 41 per cent over the next ten years, housing experts have claimed.According to Alliance & Leicester bank, more positive attitudes towards renting will lead to buy-to-let properties' popularity soaring by 2016.The claim is based upon research conducted in partnership with the Centre of Future Studies thinktank that predicts the traditional rental market w...Read More
Will an increase in social housing hold back the UK property market?
Leaks from the UK Treasury are suggesting that the UK government is set to put aside significant funding for social housing across the country. However, while there is no doubt that demand for social housing has never been higher, with more and more homes being repossessed and families thrown onto the street, there are concerns this could impact on the short to medium term potential of a property...Read More
UK property prices fell 2% in February
The Land Registry has today revealed a 2% fall in house prices last month with the average UK home now valued at £153,862. This is the 18th consecutive fall in property values across the UK with a year-on-year fall of 16.5%. While the situation does vary across the country, with prices in the North West falling by 4.1% against just 1% in the South West and Yorkshire, there is no doubt that the UK...Read More
Government Rate Changes Lead To Property Demolitions
While it did not receive an awful lot of coverage in the financial press it seems as though a move by the government back in April which took away rate relief on empty buildings is leading to a massive increase in demolitions. As businesses seek to cut back their tax bills as much as possible many are now looking to flatten empty buildings and offices in order to avoid what can be a substantial t...Read More