There could be a major shake up in the area of repossession laws if the Financial Services Authority (FSA) go ahead with new proposals to help struggling home owners. The new measures aim to help ensure that owners in financial difficulty are treated fairly by lenders.
It’s a positive step forward that will hopefully prevent anything like the GMAC-RFC fiasco happening again, but what many people fail to understand is that when it comes to repossession, it is almost as painful for the lender as it is for the home owner. For this reason, many lenders will do all they can to avoid it and this may now even more likely if the new FSA proposals become law.
Want to find out if your house is well designed or not? I suspect if you like your property, you already know the answer but there’s nothing like an expert’s opinion!
Chief executive of Design for Homes, David Birkbeck, has created a guide to good house design, containing a series of photographs illustrating good and bad points of housing design. It’s called the Decoding the Unexplainable Homes guide and shows the best and worst examples of housing design and if you dare find out what David thinks of you home, take a look here…
At a time when everyone’s major concern is the lack of mortgages, repossession and the turbulent housing market, it’s nice to see the spirit of community still shining through. There’s no better recent example of this than in Bridport where schoolboy Jamie Thomas has been allowed to name a new housing development in the village of Charmouth.
Jamie named the development ‘Heritage Mews’ and says he came up with the idea because he hunts fossils along the nearby heritage coastline. The new estate is designed to be for local families who have been priced out of the market by second home buyers and will comprise 3 houses and 8 flats, all for rent.
As part of one of the many housing schemes that are ongoing to get us through the recession and help those considering the sell and rent back option; over £112m has been given to Sutton County Council to improve social housing. In total; £112,500,000 has been awarded to improve the standard of social housing in the borough over the next five years.
There are over 6,000 homes that will see the benefit of the extra cash which has been awarded by the Government and the first installment of £5m will be landing in the bank account in the next few months. The other £107.5m will be handed over between April 2010 and April 2015.
The National Housing Federation have revealed that budget figures released recently by HM Govt. show some vast cuts in the area of housing. The upshot of this is less money to support schemes already initiated to try and kick start the housing market and even less likelyhood of any future schemes being introduced.
The result of less spending on new housing is a short supply of properties which means the possibility of a fast house sale but also means another sharp and unsustainable rise in prices as we saw between the late 90′s and 2007. As for other options rather than cuts, well, they could keep spending, deal with the deficit and hope that the market picks up to justify it. Or get more involvement from privately run companies and let them take a slice of the profit.
Across the UK right now there’s never been so many properties up for grabs as people need to cash in their asset and buyers struggle to get the cash together. But there are still areas where housing is at a shortage, one such place is Aberdeen which we covered last week.
Another place that’s in need of some new housing is the Shetland Isles where there’s a 1,000-strong housing list. And it’s not been easy for local councils to try and do something about it. Shetland recently lost out on a £24 million share of government cash for housing schem. Thankfully, the Scottish Govt. have dipped into their pockets and handed over a £971,014 grant towards a £1.5m development of 10 new houses for the Isles, it’s a start.
An interesting Government announcement was made recently which could well have an effect in your neighbourhood. Under new proposals, the Government will reduce the supply of shared housing and landlords will require planning permission for new shared properties where 3 or more unrelated people live together.
This will have a massive effect on the make-up of our local areas as one fifth of all private-rented sector properties are shared. This type of housing provides a roof over the heads of students, young professionals, victims of house repossession and low-income individuals and is often the very first step on the property ladder for many.
Amidst all the recent chatter, twitter and gossip about Government cut-backs, comes a bit of good news about some high risk home owners that are getting some well-needed financial support. Lincolnshire City Council have received £2m towards their Preventing Repossessions Fund that helps home-owners in the repossession hot spot keep hold of their property.
Repossession figures prove this area is in serious need of support with one family losing their home every day between July and September 2009. All told, 110 repossession orders were issued over that period leaving many considering a sale and rent back option but now they may have another way to keep what’s theirs.
The housing market is looking better according to figures released by the British Bankers’ Association which showed that in December the number of mortgages approved was at the highest point in the last two years.
In November 2009; 60,518 loans were in process, all for wannabe home buyers, this alone was the highest level seen since March 2008 and more than twice as many as the previous November. Mortgage advances rose by 6% during December, up to £10.2bn, which means if you’re thinking ‘I want to sell my house fast‘ you may be seeing a whole load of cash in hand buyers on your door step soon.
At a time when housing is a tricky subject and many are looking for a quick house sale to cash in their biggest asset, a new £4 million housing scheme designed to benefit active OAP’s has been launched in Belfast.
As part of the development, 30 energy efficient homes have been built by DSD and Trinity Housing Association and at the handing over of keys to new tenants, Minister Margaret Ritchie said “This scheme provides 30 state-of-the-art apartments for our more mature citizens”. The new houses are part of a scheme to provide afordable housing complete with energy saving, design and security features set in a landscaped development.