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 Brits keen to buy abroad doubles
The number of Brits hoping to buy property abroad has doubled in 2007, according to Barclays, perhaps as a result or one of Britain's wettest ever summers.Many look to relocate overseas as an antidote to high property prices, rising crime and long working hours, but the new figures from Barclays show that Britain's miserable weather is a big deciding factor too. The figures are based on the numbe...Read More
Even the Crown estate is suffering from the downturn
The value of the Crown Estate, which holds the sovereigns properties and investments, fell by £1.3 billion last year as the recession ripped into the UK property market. These are assets held by the state, although they do not include Royal palaces owned by the Queen, from which income is paid direct to the Treasury on an annual basis.
The entire estate was valued at £7.33 billion...
House prices firm but demand starts to weaken
In a rather bizarre situation we have seen the number of potential buyers in the UK property market fall in the four weeks to May 8 while the cost of houses in the UK increased by 0.7%. It is unclear as to why the price of houses in the UK would push higher if demand is weakening although in all honesty it has been near impossible to forecast the direction of UK property market in the short term....Read More
Average house prices continue to rise
The average house in England and Wales is now worth about £166,798 which is a 6.7% increase over last 12 months. While this is an impressive increase in house prices over the period there is no doubt that pressure is starting to tell on the UK property sector. Over the last few weeks we have seen would-be buyers retreating to the sidelines hoping to catch more value on the way down as more seller...Read More
Deloitte Forecast Property Slump Until 2010
Respected accountant Deloitte has plunged the property market into further chaos by suggesting that the ongoing slump in prices will last up until 2010 and see prices down one third from their recent highs. The move has scotched hopes of a sharp bounce in the sector given the recent takeover interest of late and hopes that more bids would follow.
However on the upside Deloitte feel...