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  • Stop Repossession – UK Home Repossessions begin to fall

    Last week, the Council of Mortgage Lenders (CML) reported figures that the number of homes being reposed last year in the UK had dropped by around 24% to 36,300, resulting in a fifth quarterly fall in a row. The number of people in arrears by 2.5% or more of their outstanding loans also decreased last year, by 13% to 169,600. The CML also stated that the drop was anticipated by the trade association, and it stuck to its full-year forecast of 40,000 repossessions in 2011.

    Reasons attributed to the positive news include the fact that continued low level interest rates has helped many homeowners who were previously struggling with financial difficulties. However, homeowners are warned that this is a temporary trend and they expect repossessions to rise again over the coming months if the Bank of England raises interest rates.

    "As we go through 2011, the number of people facing payment pressures may increase if interest rates rise, and as a result of the spending cuts that have resulted in reductions in the level of public support available" said the CML's director general Michael Coogan.

    As the rate of inflation rises, many have to endure pay freezes and unemployment is expected to grow as a consequence of the governments national spending cuts, which will also test the resilience mortgage holders. Now the next quarterly review will be eagerly anticipated to see if the recovery of the UK economy is improving.

  • Dealing With Housing Issues During Divorce

    If you are unfortunate enough to have found yourself involved with divorce proceedings, you will know that they can take a very long time to conclude. It could be said that one of the only advantages of this is that you are likely to have some time to consider your options regarding housing and finance.

    However, divorce is often a traumatic and distressing experience, which can be exacerbated by problems in selling your shared home through an estate agent. Many people worry about what will happen to their home and where they will live next.

    Big decisions have to be made that will influence not only your life but your family’s. For example, who will continue to live in your present property? You? Or your partner? Or as is often the case, neither of you, either because too many memories are attached to the property and you want to move on, or because you can’t afford to finance a property of its size on your own.

    For people with children, the importance of sorting out suitable housing arrangements is even greater, and the stress levels can rise further. Indeed, housing issues are one of the key reasons why divorce is frequently a feared and nightmarish event.

    If you’re having difficulties selling your shared home and instead want a hassle free sale, you might like to consider contacting us. With a guaranteed cash offer within 24 hours of viewing, you could be on the path to a new start sooner than you think. If it helps you we can even organise a solicitor to deal with your property sale.

    Contact us Now on 0800 879 9889 to see how we can help you today.

  • London Worst for Repossessions

    More properties in the UK are being repossessed within city centres than anywhere else in the country, and London is the worst hit for repossessions.

    According to estate agent Spicerhaart’s research, London has the greatest number of repossessions for the first quarter of 2010. There are 66% more properties taken into possession than Birmingham which is the second-worst hit city in the country.

    One reason that London has a high number of properties being repossessed is because of the high property prices and in order to buy property borrowers can sometimes overstretch themselves. As a result many people are unable to pay their mortgage repayments and their property gets repossessed.

    The top five cities in the UK with the highest number of repossessions are as follows:

    1. London

    2. Birmingham

    3. Manchester

    4. Liverpool

    5. Belfast

    Mark Pilling, managing director of Spicerhaart Corporate Sales commented:

    "Repossession numbers continue to rise in city centres where home owners have been hit hard by unemployment, increasing inflation and falling house prices.

    In order to help homeowners sell their property as fast as possible it is really important that you contact The London Property Buyers quickly so that we can manage your property efficiently and get you the best possible price for your property today.

  • House prices fall record 3.6% worst monthly figure since 1983

    Halifax revealed this month that UK house prices dropped 3.6% in September, which is the biggest monthly drop since 1983 when figures were first compiled.

    The group said a drop in demand caused by uncertainty in the economy combined with more properties on the market, forced prices down.

    Martin Ellis, housing economist with Halifax, commented that it’s too early to predict that September's fall means the beginning of a continued period of declining house prices.

    "This rate of decline is significantly slower than the quarterly changes of between minus 5% and minus 6% that were seen in the second half of 2008."

    He said: "Earnings growth is expected to be very modest over the next year, tax rises are on the way and more people are putting their homes on the market. These will all be constraints on the market, dampening house prices."

    The International Monetary Fund (IMF) commented that the UK's property market looks "worrisome". In its World Economic Outlook, the IMF said: ""What remains worrisome ... is that house prices are still high based on traditional valuation yardsticks, and policy support may not be enough to prevent further correction."

    Concerns still remain about a double dip in the housing market, due to the uncertainty in the economy.

    If you would like to sell your property today contact The London Property Buyers now to find out how we can help you. Call us now on: 0800 879 9889.

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