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Archive for March, 2010

Housing Shortage Figures Expose Serious Failings

Tuesday, March 30th, 2010

Carring on from Sunday’s blog… as well as there being 4.5 million people waiting for a home, there is also more than 2.5 million already living in overcrowded conditions. The shortage of houses for sale is being felt across the UK but some areas have missed their targets by a lot more than others:

From 2002/3 to 2008/9, London missed its published target by 32%, building 142,180 instead of 210,000.

Over the same period, the North East fell 19% below target, delivering 47,000 instead of 58,350.

The South West missed by 18%, delivering 123,110 homes when the target was 150,823.

Some did do a lot better than others with Yorkshire and Humberside coming closest to meeting its target, building 100,830 properties with a target of 110,100, missing by a comparatively low: 8%.

But the harshest year of the recent recession, 2008/09, proved to be the worst of all those researched by the NHF with the North East missing its target by 51%, the East Midlands by 49% and even Yorkshire and Humberside falling below target by a sizeable 48%. Let’s hope things can only get better, because they seriously need to.

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Housing Shortage Not Helped By Underbuilds Across The Country

Sunday, March 28th, 2010

Bad news: the housing market crisis is set to intensify, according to new research by the National Housing Federation (NHF). Their findings show that there has an insufficient number of homes being built in every single region since 2002, with the same occuring in the most recently assessed data from 2008/9.

 

As to the reason for the underbuild, the NHF concludes that regional planning authorities have failed to ensure that enough private and social homes are being built, despite agreements with government agencies to prevent this occuring. It goes without saying that a chronic lack of housing couldn’t have come at a worse time with a record 4.5m people on housing waiting lists. More on this on Tuesday.

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House Repossession Victims In Scotland Now Have Hope

Friday, March 26th, 2010

Deciding against waiting any longer for the housing market to pick itself up, the Scottish Government have announced the formation of the new National Housing Trust. The Trust will try to kick-start the Scottish housing market by building 1,000 new homes and giving councils £130 million to do up unused properties.

The money will go towards properties aimed at lower income owners and tenants and will no doubt help those who fell victim to house repossession in 2009. As part of the scheme, 1000 construction jobs and will be secured and the Scottish economy will recieve a boost. To start with, the money will be given to areas where there is a shortage of affordable housing.

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A Quick House Sale Is The Order Of The Day At The Top End Of The Market

Wednesday, March 24th, 2010

Did you watch the budget announcement last week? There was some moves made by Chancellor Alistair Darling that will affect those on the housing market. Most notably, the stamp duty threshold has been raised to £250,000 which is a massive boost for first-time buyers.

The changes will be effective from April 6th and mean all those eager to get a foot on the housing ladder can think more positively about doing so. At the other end of the market, stamp duty on house sales over £1million will be raised to 5% which has already resulted in a rush for a quick house sale by many.

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Repossession Could Lead To Fast House Sale And Eviction

Monday, March 22nd, 2010

An octuplet mum is facing repossession after her dad failed to keep up repayments on a house he was leasing her. Nadya Suleman’s father was supposed to pay £2,500 a month and a one-off £300,000 payment last month but got into arrears. Now, mortgage lender, Amer Haddadin, is to start repossession proceedings after seeing no other way to secure the California property.

Mr Haddadin signed the property over to Ed Suleman last year but the lack of repayments has left the mortgage provider no other option than to start foreclosure proceedings. Whether the situation can be solved any other way than repossession and a subsequent fast house sale is down to the lender and any court involvement.

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Repossession Decision Gives Justice To Mother Of Two

Friday, March 19th, 2010

Hows about this for unfair: Jayne Hewett, mother of two, took out a remortgage on her family home to pay off her husbands credit card debts. Nothing to shocking there, but while Mrs Hewett was remortgaging the property, her husband was having a secret affair.

He then left her to repay the mortgage alone and raise their kids while went he went bankrupt. As a result of the following divorce, the house was signed over to Mrs Hewett but she was unable to make the repayments. Her lender, First Plus Financial Group moved in for repossession but Justice Briggs of the Court of Appeal ruled in favour of Mrs Hewett saying that Mr Hewett was guilty of a ‘deliberate concealment’. Under the conditions of the ruling, if First Plus Financial Group do repossess the house, Mrs Hewett should be able to keep half of the quick house sale price.

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Repossession Order Figures Released

Wednesday, March 17th, 2010

If you were here yesterday, you’ll have read about the recently released FSA figures and the high repossession numbers for 2009. The only good news came in the final quarter with repossession and new arrears cases falling by 15 and 9% respectively. But anyone looking for good news should stop reading there because by the end of 2009, around 378,000 borrowers had gone into arrears on their mortgage repayments.

The FSA figures fall broadly in line with those announced by the CML and both groups reported the highest level of arrears since 1995. The only saving grace is that the number of people actually facing house repossession in 2009 was lower than the 75,000 originally predicted.

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Repossession Numbers Out And It's Looking Bad… And Good

Monday, March 15th, 2010

Did you see the Financial Services Authority (FSA) figures that were released last week? They were all about repossession and arrears in 2009 and unsurprisingly, the number repossessions was 15% higher in ’09 than in 2008. The overall number of repossessions reached 54,055, up from 46,945 in 2008.

It’s not all doom and gloom though, the clawing of the UK out of recession also meant there was also a drop in the number of repossessions. In addition there was also a dip in the number of individuals unable to keep up their mortgage repayments. The positive final quarter of 2009 resulted in a 15% drop in the number of repossession agains the same quarter in 2008.

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Repossession Can Make You Do The Strangest Things…

Friday, March 12th, 2010

A mother of a 1 year-old boy has been sent to jail in the USA charged with child endangerment related to abandonment. This, on the face of it, may seem to be a albeit sad but normal case, but the more you read the stranger it gets. The woman, Krystal Gardner from Dallas, Texas was having her car repossessed when she tossed her toddler through the open back window and on to the back seat.

You see, repossession laws in the USA state that a vehicle may not be repossessed if there is a person inside. So, to prevent a repo man from taking the vehicle Krystal chucked her child in making it illegal for the car to be taken. The thing is, Garder was the one that ended up braking laws and was sent to jail for related charged and for driving without insurance or a license.

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Highlanders Unable To Stop Repossession May Have Less Affordable Housing Options

Wednesday, March 10th, 2010

The Scottish Building Federation (SBF) warned of substantial job losses if funding was cut for the building of affordable housing in the Highlands. This came after the Highland Council announced last that Scottish government support over the next 2 years is set to be cut by nearly 50% from £32m down to £17.5m.

Affordable housing is essential for those who were unable to stop repossession as well as first time buyers and retirees. The SBF said the knock-on effect would be less contracts for construction teams and as a result, firms would fail to make ends meet and face ruin. The Highland Council had planned a home-building schedule of some 350 homes throughout 2011-2012 but with this now in doubt, the SBF have painted a grim picture for the outlook of local construction firms, local jobs and local prosperity.

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