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16/12/2011
Housing Market To Remain Flat
A group representing mortage lenders has reported the housing market is to remain flat over 2012, describing the climate as "challenging and highly uncertain".
In their 2012 forecast, the Council of Mortage Lenders (CML) said that housing transactions and mortgage lending activity will be broadly flat next year, continuing the "subdued pattern" of the past few years.
However, the group's report also predicted a rise of 22% in repossessions from 37,000 this year to 45,000 next year.
The group pointed to financial pressure as a result of falling real incomes and, more recently, higher unemployment as the key issue affecting house buying, adding that it was likely to "unwind" some of the improvement in mortgage arrears seen over the past two years and lead to a higher level of repossessions in 2012.
A spokesman for the group said: "Consumer confidence is currently at a low ebb, which suggests that borrower appetite may be muted – particularly for house purchase - at least until real incomes show signs of stabilising.
"Recent government housing initiatives should help to boost the proportion of house purchases made by first-time buyers, but their overall market impact depends upon ongoing mortgage credit availability."
Responding to the report, Labour’s Shadow Housing Minister Jack Dromey homeowners across the country in fear of losing their home will not be surprised by the report.
"For too many it will be a bleak Christmas in fear of losing their homes, in court trying to save it or on the streets having failed to do so. It is these people that are paying the price of this Government’s failing economic policies.
“Labour's five point plan for jobs and growth shows a different way. Getting the economy moving and people back to work is the surest way to help families stay in their homes, get the deficit down and put Britain on the right course for the future.”
(DW)
In their 2012 forecast, the Council of Mortage Lenders (CML) said that housing transactions and mortgage lending activity will be broadly flat next year, continuing the "subdued pattern" of the past few years.
However, the group's report also predicted a rise of 22% in repossessions from 37,000 this year to 45,000 next year.
The group pointed to financial pressure as a result of falling real incomes and, more recently, higher unemployment as the key issue affecting house buying, adding that it was likely to "unwind" some of the improvement in mortgage arrears seen over the past two years and lead to a higher level of repossessions in 2012.
A spokesman for the group said: "Consumer confidence is currently at a low ebb, which suggests that borrower appetite may be muted – particularly for house purchase - at least until real incomes show signs of stabilising.
"Recent government housing initiatives should help to boost the proportion of house purchases made by first-time buyers, but their overall market impact depends upon ongoing mortgage credit availability."
Responding to the report, Labour’s Shadow Housing Minister Jack Dromey homeowners across the country in fear of losing their home will not be surprised by the report.
"For too many it will be a bleak Christmas in fear of losing their homes, in court trying to save it or on the streets having failed to do so. It is these people that are paying the price of this Government’s failing economic policies.
“Labour's five point plan for jobs and growth shows a different way. Getting the economy moving and people back to work is the surest way to help families stay in their homes, get the deficit down and put Britain on the right course for the future.”
(DW)
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16 January 2009
New Mortgage Rescue Scheme Will Save Thousands From Repossession
A new mortgage rescue scheme which will help thousands of vulnerable people from losing their homes and avoid the nightmare of repossession will be officially launched today. Under the nationwide scheme not-for-profit housing associations will buy homes from people struggling to pay their mortgage at an independently assessed market price.
New Mortgage Rescue Scheme Will Save Thousands From Repossession
A new mortgage rescue scheme which will help thousands of vulnerable people from losing their homes and avoid the nightmare of repossession will be officially launched today. Under the nationwide scheme not-for-profit housing associations will buy homes from people struggling to pay their mortgage at an independently assessed market price.
09 September 2008
Sales Drop Further With Little Sign Of Respite
The average number of transactions per surveyor fell further in August as a lack of mortgage finance continued to stifle the ability of buyers to access the market according to RICS' UK housing market survey. The RICS house price balance improved slightly for the fourth consecutive month but still remains at a significantly low level. 81.
Sales Drop Further With Little Sign Of Respite
The average number of transactions per surveyor fell further in August as a lack of mortgage finance continued to stifle the ability of buyers to access the market according to RICS' UK housing market survey. The RICS house price balance improved slightly for the fourth consecutive month but still remains at a significantly low level. 81.
23 February 2009
Group Calls For £6.3bn Social Housing Boost
The Government has been urged to kick-start the economy by investing £6.3 billion in social housing over the next two years. A newly-formed campaign group - The 2020 Group - has said the credit crunch has meant a collapse in house prices and lending, and an estimated loss of 450,000 job losses in the construction industry between 2008 and 2010.
Group Calls For £6.3bn Social Housing Boost
The Government has been urged to kick-start the economy by investing £6.3 billion in social housing over the next two years. A newly-formed campaign group - The 2020 Group - has said the credit crunch has meant a collapse in house prices and lending, and an estimated loss of 450,000 job losses in the construction industry between 2008 and 2010.
18 January 2005
Tesco enjoy record Christmas sales
Leading UK supermarket chain, Tesco, have reported strong growth and record sales over the Christmas and New Year period. The retailer's Christmas and New Year trading statement revealed that group sales had increased by 13% in the seven weeks up to January 8. Like-for-like sales, excluding petrol, also increased by 7.
Tesco enjoy record Christmas sales
Leading UK supermarket chain, Tesco, have reported strong growth and record sales over the Christmas and New Year period. The retailer's Christmas and New Year trading statement revealed that group sales had increased by 13% in the seven weeks up to January 8. Like-for-like sales, excluding petrol, also increased by 7.
31 August 2010
Four-Year Negative Equity Warning For Homeowners
Tens of thousands of homeowners who bought a property during the housing boom face another four years of being trapped in negative equity, according to the National Housing Federation. The NHF said that people who purchased a property in England at the peak of the market in 2007 paid an average price of £216,800.
Four-Year Negative Equity Warning For Homeowners
Tens of thousands of homeowners who bought a property during the housing boom face another four years of being trapped in negative equity, according to the National Housing Federation. The NHF said that people who purchased a property in England at the peak of the market in 2007 paid an average price of £216,800.
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