Sales of repossessed properties in the first quarter of 2009 are double the figures from a year earlier, according to research by the Asset Management Group (AMG). Its figures show a month on month increase in properties ‘under offer’ since the beginning of the year. Managing director of AMG said that predictions of repossession levels
All local authorities in the UK have now signed up to the government’s mortgage rescue scheme, with as many as 300 households already qualifying for the support plan. Communities and Local Government says the impact of the £200 million scheme introduced in September 2008 to prevent as many as 6,000 repossessions from occurring is difficult
A new £200 million scheme to prevent thousands of vulnerable people from losing their homes and avoid repossession comes into force nationwide today. The scheme allows housing associations to buy homes, worth up to £400,000, from people struggling to pay their mortgage. The homeowners would be allowed to remain in their property either as tenants
Today’s papers are full of yesterday’s increase in inflation and some are now predicting two more increases in interest rates. According to The Guardian, Shaks Ghosh, the former head of Crisis, is to become chief executive of the Private Equity Foundation, a charity set up by the controversial private equity industry with £20m to invest
The head of Southern Housing Group – one of the UK’s largest housing associations – has warned that the shortage of lenders has made it hard for housing associations to plan developments, and is threatening the government’s housing target. Tom Dacey said that at the peak of the housing boom only 180,000 homes were being
The level or arrears and repossession should be lower than the early 1990s, the head of the Financial Services Authority (FSA) said yesterday, as the short-term financial position of many borrowers had been improved by low interest rates. Lord Turner added he is still considering regulating the size of mortgages being made available â limiting
Which? magazine has called for the Financial Services Authority to ‘name and shame’ lenders charging customers with exorbitant mortgage arrears charges. Which? wants the list submitted to judges hearing repossession cases and the culprits fined, with the revenue going to help borrowers access independent debt advice, and it has submitted a Freedom of Information request
The number of tenants struggling to pay their rent is rising, according to the Association of Residential Lettings Agents (ARLA). Around 65 per cent of agents have seen an increase in renters falling behind on their rent during the past six months, while 93 per cent said they had seen a rise in the number
Mortgage lenders have warned however, that the plan to offer struggling homeowners a holiday for up to two years from paying their interest repayments is unworkable and will result in new applications being turned down. In response to a consultation by Communities and Local Government over the plan, the Council of Mortgage Lenders said that
The Association of Residential Lettings Agents (ARLA) has also questioned the new repossession proposals for rented property. It has called for the government to be clearer about its intentions to implement the schemes into law ‘at the next opportunity’ saying the timeline is far too vague. It also says that seeking to notify tenants seven