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?
Property prices up again
House prices rose by 0.6 per cent in April, official figures from the Land Registry (LR) show.Although this monthly increase represents a slight decrease on March's figure, the new annual growth figure of 9.1 per cent is still among the highest for two years.The average price of a property in England and Wales now stands at £179,935, up from £178,423 in March.But most of this growth came from Lo...Read More
Nationwide and Halifax drop housing forecasts
Today's announcement that the Nationwide and Halifax are to drop their housing forecasts due to excessive turbulence in the market has caught many observers by surprise. These are the two main providers of data to the housing market and the fact that they are uncertain as to both the quality and assurance of such data in current markets is of concern.
This withdrawal or a vital part...
Complaints against estate agents continue to grow
It will come as no surprise to many people involved in the property market that complaints against estate agents in the UK have remained relatively high when you consider the collapse in the UK property market. While the number of UK property sales fell by more than 60% in 2008 we saw a less significant 3% fall in the number of complaints regarding sale, letting and purchase agreements through est...Read More
Land Securities looks to invest for the future
Property powerhouse Land Securities has today announced plans for an expansion of its property portfolio and a further assessment of two major developments in London's West End planned for next year, even though they had been put on ice as the recession continued to bite.
Slowly but surely we have seen interest in the UK commercial property market where prices have fallen by 44% sin...
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...