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?
Mortgage lenders criticised for upping rates
Nationwide and Alliance & Leicester have been strongly criticised after announcing increases to rates on their fixed-rate deals, despite yesterday's cut to the key base rate of interest. Amid signs of a weakening housing market and predictions that economic growth will slow, the Bank of England yesterday cut interest rates by 0.25 per cent to five per cent. However, on the same day, Nationwide con...Read More
House sales match peak of 1980s boom
Britain's property sales reached their highest number in 2006/07 since 1988, the year in which the property market took a nose dive, new figures show.Statistics from HM Revenue and Customs (HMRC) show that a total of 1,859,000 flats and houses were sold in the UK in 2006/07.In 1988 the number of homes sold in just England and Wales stood at a record level of 2,148,000. That figure dropped by more...Read More
UK house price rise runs out of steam
The Council of Mortgage Lenders in the UK (CML) has this evening suggested that while there has been significant interest in UK property, limited access to mortgage finance appears set to cut this improvement short. Confirmation that mortgage lending fell again in May was something of a body blow to homeowners in the UK and perfectly illustrates the fact that while there appears to be demand for U...Read More
Britons 'clueless' on overseas property laws
Britons considering buying a second home abroad are largely oblivious of the local housing laws that would affect them, a survey has shown.New research claims that 51 per cent of 35- to 44-year-olds would not consider local planning regulations when in the market for an overseas property.Foreign Currency Direct, which carried out today's survey, says that potential second-home buyers are more conc...Read More
UK rent rates stabilise in May
After nine consecutive months of decline it has been revealed that rental rates across the UK have now stabilised with May's figure showing an average of £819 a month. Even though this is still some 5.5% lower than the same time last year it does bring to an end an unprecedented fall in rental income for many landlords and "accidental landlords". So what next for the UK property market?