Arrears and repossessions continue to fall, says CML

Latest figures from the Council of Mortgage Lenders show a fall in the first quarter of this year in the number and the proportion of mortgages in arrears or ending in repossession. A decline was experienced in all arrears bands, and across both owner-occupier and buy-to-let lending.
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2014 repossessions down 26%, says CML

The number of repossessions fell to 21,000 in 2014 - 26% fewer than the 28,900 in 2013, and the lowest number since 2006, according to latest data from the Council of Mortgage Lenders. At 0.19%, the repossession rate was also lower in 2014 than at any time since 2006. Out of the 21,000 total number of repossessions, 16,100 were on owner-occupied properties, and 4,900 were on buy-to-let properties. At 0.3%, the repossession rate on buy-to-let mortgages was higher than the 0.17% on owner-occupier loans, despite the fact that the underlying arrears rate was lower on buy-to-let lending than on home-owner lending. This is unsurprising, as lenders offer extended forbearance to owner-occupiers to help them get through periods of financial difficulty without losing their home. There were also fewer mortgages in arrears at the end of 2014 than at any time since 2006. 1.05% of all mortgages were in arrears equivalent to 2.5% or more...
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Rate of repossessions lowest since 2007

he CMLs quarterly report on repossessions has shown that 2013 ended with the lowest level of repossessions since the down turn started back in 2007. With a repossession volume of 28,900, this represents a very small 0.26% of outstanding mortgages. Compared to 2012 this is very positive as that year ended with 33,900 repossessions and a 0.30% rate.
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Land Registry sees increase in house prices and fall in repossessions

The Land Registrys September 2013 HPI, released today, sees house prices having increased in England, along with a fall in repossessio
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Confidence is Key!

At last there is a feeling of hopefulness returning to the UK economy generally and more specifically the UK property market, and the economy at large. After years in the doldrums property is once again a hot topic. Gone are the downbeat messages of negative equity and repossessions, instead the papers are filled with positive headlines. We are instead more likely to read about increasing house prices and growing availability of finance with many speculating that we are now heading into a more prosperous period. This looks set to become a growing trend and we will see an increasing number of these news stories in the media over the forthcoming months.
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Buy-to-let mortgage lending, growing at 20% a year

Landlords have had a tough time obtaining mortgages after the market peak in 2007, as lenders rapidly withdrew from the market. In fact, even with the current mini-boom, lending to landlords is about half of what it was six years ago.
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The House Crowd - a refreshing approach to property investment for all

A refreshing approach to property investment is being launched by The House Crowd. The House Crowd has come up with an innovative idea that makes the process of property investment possible, with just a small amount of capital, using an effortless, unique business model.
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Repossessions up 15%, but reality is little change!

[caption id="attachment_4341" align="alignright" width="150" caption="Home Repossessions"][/caption] The Council of Mortgage Lenders (CML) reports quarterly on the levels of repossessions and payment difficulties. In the 1st quarter of 2011 they reported a 15% increase in repossessions from 7,900 to 9,100. However although the news media, like BBC, like to make shocking headlines about a large increase, the underlying figures actually show little change, mainly due to: 10% lower than the same time last year equal to the average quarterly figure in 2010 represents only 0.08% of all loan agreements typically the 4th quarter does see lower reposseions, meaning the 1st quarter is always an increase Arrears The number of mortgages in arrears also continued to fall and now at the lowest percentage of mortgages in arrears since the 3rd quarter of 2008. 1.47% of all loans were in arrears to the equivalence of 2.5% or more of the outstanding balance. This repesents...
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How to Avoid Repossession

If you are feeling the threat of repossession you need to do everything you can to avoid it. Heres how to ensure you stay secure in your home.
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Home repossessions low but may rise this year

[caption id="attachment_4341" align="alignright" width="300" caption="Home Repossessions"][/caption] The Council of Mortgage Lenders (CML) has seen home repossessions fall during 2010 by 24% to 36.600. Along with this they have seen a fall in the number of people in arrears by2.5% or more. Both these facts have been supported by the unprecedented low interest rates for such a long period, as reported by the Bank of England this week. Of course if interest rates were to rise then the pressure on household finances would increase. "As we go through 2011, the number of people facing payment pressures may increase if interest rates rise, and as a result of the spending cuts that have resulted in reductions in the level of public support available," said the CMLs director general Michael Coogan For more information visit: http://www.rics.org/housingmarketsurvey Do you want to know what 2011 has in store? Download the Just Do Property 2011 Property Market...
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What will happen to the UK housing market in 2011?

Graham Phelps gives his views on the 2011 property market.
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Expert predicts interest rates will not rise in the short term

Landlords  may be glad to hear one experts prediction that interest rates are unlikely to rise in the short term. Paul Holmes, chief executive officer of Firstrung - a company that offers solutions to first-time buyers - stated an increase in interest rates would lead to an amplification of mortgage rates and in turn, repossessions. He disagreed with a recent forecast from the Confederation of British Industry, which stated that inflation will be higher than previously expected in 2011 and interest rates will rise gently until mid-2012. In Mr Holmes view, a rate increase of two per cent that was passed on to borrowers "would be quite catastrophic" and "could push the economy over the edge". The Monetary Policy Committee would take this knock-on effect into consideration and therefore keep interest constant, he argued, adding a rise would also have negative consequences internationally, as the UK would be unable to operate...
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Be Aware and BEWARE When Viewing Auction Properties

  Looking to buy property is an exciting time. It is even more exciting when you think you may bag a potential bargain. However, you have to be aware and beware when it comes to buying property at auction as you don’t have a lot of time to do the necessary research – but once you’ve bought it, you will have a lot of time to reflect on any mistakes!   Typically auction catalogues are released 14 days prior to auction. That means you have just two weeks to view the property, check the legals, get a survey, raise the finance, research the area, assess demand, research the end value, cost any works, get quotes from trades people – it’s a lot of work to do in a short space of time!   Because there is so much to do – and so little time – and because you are...
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2011 Property Market - will it be a good time to buy?

So what does 2011 have in store for UK house prices? Well that is the ultimate question we all want the answer to.  Will 2011 be a good time to buy? Looking at the various major House Price Indices (Halifax, Nationwide, Rightmove, DCLG and Land Registry), then across the board it’s clear we are pretty much back to prices from this time last year, approximately 2.5% below the highs seen during the year. Yet we are still well above the lows we reached in 2009, an average of 9% above The general consensus from the key HPI organisations seems to be a fairly flat market, with some downward pressure due to the uncertainty with the economy and thelength of time taken to sell properties, meaning more discounts available. It also seems that investors are willing to wait longer to snap up good deals. The general view is that interest rates...
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My house is yours

Sarah Beeny takes a look at the American practise of house-swapping as a means of moving home and wonders if it could work here… Only the most optimistic of industry watchers would say that conditions in the UK property market aren’t tough. The credit crunch, the lack of availability of mortgage finance for both first-time buyers and those with equity in their properties, and anxiety over the state of the economy in general have led to what is, at best, a pretty stagnant property market. Meanwhile, in the United States, where the credit crunch originated, the property market is suffering more seriously from a lack of activity. Developers are desperate to sell units, estate agents have been going out of business and the number of repossessions is up sharply. However, there may be a solution of sorts on the horizon for a few out there. For years, Americans have used...
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