Recent statistics show one UK homeowner risks losing their home every two minutes, The Guardian reports.
The Council of Mortgage Lenders show there are 54,000 households who have been in mortgage arrears for more than a year. Meanwhile, Shelter has seen a 38% increase over the past year in the number of calls to it’s helpline.
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The country’s high street will not recover for another three years and will underperform for the rest of the decade, impacting heavily on the UK property market.
The forecast from the Ernst & Young ITEM Club suggests the worst of the recession could be behind us but warns a recovery could be derailed by consumer habits and put under renewed pressure by rapidly increasing mortgage costs.
The economists expect Bank of England interest rates, the foundation for mortage costs, to climb to 4-5pc by 2015, leading to a quadrupling in the percentage of household disposable income going towards debt interest payments to 3.2pc.
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We all know how difficult it is to sell your house in the current climate, even if you decide to lower the sale price. An entire French village, which caught global public attention after failing to find a buyer for the price of a one-bedroomed Paris flat, was on Monday finally auctioned off to a noted photographer.
According to The Telegraph, the abandoned hamlet of Courbefy in central France consists of 19 buildings, a swimming pool, stables and a tennis court. It went on sale at a starting price of 330,000 euros and was sold to the South Korean photographer known as Ahea for 520,000 euros.
Ahea, the buyer, who has an exhibition scheduled at the Louvre Museum next month, was not present for the auction.
The artist, who already has interests in several organic farms, prides himself on his website on allowing “nature to live as it was intended to live, without the interference of man and man-made additives of any kind”.
The mayor of neighbouring Saint-Nicolas Courbefy, Bernard Guilhem, le maire de Saint-Nicolas Courbefy said: “I am reassured that the village has finally be sold and if the (buyer’s) project is still unclear, I’m convinced it will recreate life and stimulate the economy. There will be jobs,” he said.
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According to The Telegraph, Zoopla has published the details of the accommodation. The house, which is located on Porchester Terrace in the W2 postcode, is valued by the website at £6.94 million, representing a £2.2 million upgrade on last year’s house.
In addition to its 8 bedrooms, the townhouse offers 6 bedrooms and 3 reception rooms.
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Vanessa, who had spent three years putting up with the ghosts and counted at least a dozen, said yesterday: “I thought, ‘As a single mum I can’t live like this’.”
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Are you struggling to sell your home? The Quicker Sale could be the remedy to your problem.
We buy homes across the UK for a fair, honest price despite the condition or location. The open market has shown no signs of improvement over the year, and is set to remain unresponsive for the foreseeable future.
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The latest CML figures reveal nearly 10,000 properties were repossessed in the first quarter of this year, according to The Telegraph
A total of 9,600 properties were repossessed in the UK in the first quarter of 2012, according to new figures from the Council of Mortgage Lenders (CML). The latest figure is a 10pc increase on the fourth quarter of 2011.
The CML has described the situation as “stable” and said that its previous prediction that repossessions would rise to 45,000 this year could be revised down later this summer when it publishes its housing market forecasts.
“Continuing pressures on household finances, changes to welfare benefits and an upward drift in mortgage rates all have the potential to disrupt the current stable picture,” it cautioned.
The report also highlighted a “modest improvement” in arrears. The number of mortgages with arrears of 2.5pc or more of the outstanding balance fell to 157,800, down from 160,300 at the end of December and 170,500 a year ago.
Mark Harris, chief executive of broker SPF Private Clients, said that while it is encouraging news, it is important that complacency does not creep in.
The CML report also showed new buy-to-let data which shows new lending had fallen 5pc in the first quarter of 2012, with 32,300 loans completed worth £3.7bn, compared to 34,300 loans worth £3.9bn in the last three months of 2011.
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If the statement above really does sum up your circumstances at the moment and you are having no joy through the usual channels within the housing market, you might want to consider another option.
For those who are saying “I want to sell my house quick” then it is worth considering the latest statistics in relation to the problems experienced by property sellers.
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It is a sad fact that around one in three house sales end up falling through before completion and so this can cause a lot of frustration as well as wasted effort for those hoping to move on. The benefits of using a house buying company are manifold.
This is because you won’t have to worry about the potential buyer finding it hard to raise enough for a deposit or get turned down for a mortgage at the last minute. The issue of finance can be eliminated as you get a fair price for your property and can obtain straight cash for it instead. Therefore, those declaring “I want to sell my house quickly” can do just that. Visit the homepage to receive a free, no obligation offer today.
According to The Telegraph, Britain’s hopes of escaping recession are dented by a swathe of bad economic news that showed consumer confidence plummeting, producer prices soaring and the construction sector failing to spark.
Producer output prices – those charged by manufacturers for their goods – rose by a larger than expected 0.7pc on the previous month, according to data from the Office for National Statistics (ONS)
Meanwhile, the contraction in the hard-hit construction industry during the first quarter was even steeper than first estimated, the agency said. Output from the sector shrank by 4.8pc compared with the previous three months, rather than the 3pc initially reported, as public sector construction weakened and infrastructure work fell off.
The ONS said the revision is expected to deepen the slump reported for the wider economy, meaning it shrank by 0.3pc in the first three months of the year rather than the 0.2pc thought.
The building sector accounts for less than 8pc of the economy’s total performance, but its large decline at the start of the year drove the UK’s official return to recession.
The figures came after an index produced by Nationwide showed that consumer confidence deteriorated sharply in April as people became more worried about the availability of jobs and shied away from buying big-ticket items such as cars and homes.
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Image courtesy of Reuters
According to the Daily Mail, many new landlords don’t realise that they could end up losing thousands of pounds if they don’t use a tenancy deposit scheme. The rules, which became law in 2007, have just got even tighter. Tina Walsh explains her story:
In February 2010 I rented out my flat in East London to a young couple, on an assured shorthold tenancy basis. It was mutually agreed, to my eternal regret, that we wouldn’t bother with a tenancy deposit scheme as they were only going to be in the property for three months. To say they were a nightmare from beginning to end is an understatement. My flat was up for sale when they came to view it and they agreed to let agents have keys to show people round. However, once they were in, they threatened to call the police if the agents let themselves in. On the odd occasion they were able to gain entry, the flat was filthy.
I was also subjected to countless aggressive texts, calls and emails about matters ranging from the water being cut off (thanks to Thames Water), the ‘useless shower’ and them being ‘aggrieved’ at having to pay water bills.
It was only when a neighbour alerted me to the fact that final demands were turning up in my name that I became aware they hadn’t been paying other utility bills either. I asked them to move out and they refused, but finally announced they were leaving in July 2010. Because they’d damaged property, I offered them a portion of the deposit back. They denied the damage and demanded the whole lot back. After finding out they could fleece me for three times the original deposit because I hadn’t lodged it with a protection scheme, they decided, lo and behold, that they did after all want it to be put into a scheme and started (the tenant who had signed the tenancy agreement) small claims proceedings.
Even then, I would have had up until a day before the court hearing to put the deposit into a scheme, but the lawyer I contacted who ‘specialised’ in housing law failed to tell me this. What followed was nearly a year and a half of stressful and intimidating court appearances. At the first hearing, I was ordered to pay the tenants almost £4,000, which equated to three times the deposit plus costs.
This was later reduced on appeal to £1,600 (after I’d paid £300 for legal advice) as the appeal judge ruled that because the tenants had already moved out, the original judge’s decision was wrong. However, neither judge was prepared to consider the fact that the tenants provided false information and even lied on a Statement of Truth, technically a criminal offence. When I pointed this out to the appeal judge and told him I would inform the police, he said I would be ‘laughed out of the station’. He also refused to look at written evidence I had gathered (including a letter from the local authority) as proof.
The tenant eventually took out a third party debt order against me as I refused to pay on the grounds that they’d lied. An appeal to my MP on the same grounds has come to nothing. All this could have been avoided had I simply put their deposit into a scheme, whether or not they agreed with the decision.
My experience of being a landlord has taught me that everything needs to be signed on the dotted line. Don’t leave anything to chance and don’t put your trust in people you don’t know.
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