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?
Housing Doom And Gloom Continues
News that house prices in England and Wales fell by an average 1% in June has poured more cold water on hopes of a quick recovery in the sector. The average UK house is now worth just over £180,000 which is a substantial fall from the £200,000 plus level seen last year. This is the 10th monthly fall in prices in a row and there seems no end in sight at the moment.
While 57,507 h...
How can the government use the 762,000 empty homes in the UK?
As repossession levels look set to hit record levels across the UK there is concern that over 762,000 UK homes are empty and unused at this moment in time. The figure contains a number of repossessed properties and those which have been built but not sold. However, there is some debate as to how the government could legally and morally make use of these empty properties in these troubled times.
Hometrack survey shows house price reductions set to continue
The latest report by Hometrack has highlighted a number of issues which have led them to believe the UK housing market will be under pressure for some time to come. Even though we have seen the average time taken to sell a house reduce over recent weeks and a slowdown in the rate of house price falls, the economy is now the main concern.
Despite a number of initiatives by the govern...
Lloyds faces a £200 million hit after property company collapse
Lloyds bank today stands on the verge of a potential £200 million hit after the collapse of Thornfield Ventures. This is an operation which was backed by Lloyds bank's HBOS division to the tune of around £500 million. The main parent company and three subsidiaries are now in administration with a potentially enormous loss on the cards for Lloyds bank. Even though there has been some recovery...Read More
How Far Will The Housing Market Fall?
It seems that each day we are seeing differing views and opinions about the state of the housing market with signs that the credit crunch is receding followed by ever more gloomy forecasts for the future. Today it is the turn of the Royal Institute of Chartered Surveyors (RICS) to join the party with forecasts of a 5% fall in house prices in 2008 followed by a further 15% fall in 2009 Ã¢â‚¬...Read More