Repossessions at lowest level since end of 2007

hshen

Loughton_Monkey wrote: »

When did the banks ever listen to Government? More the other way round!

I think it has slowed down simply because interest rates are so low, that most people can pay them. Plus the rental markets have gone absolutely mental, and these people know that if they can't afford their mortgage, they certainly can't afford to rent!

Rent increase pushed me to buy. And buy I did.

[Deleted User]

With base rates at 0.5% for month after month after month is it any surprise that repossessions are low?
With inflation at 3.3%/4.7% and about to increase due to the VAT inc and companies using it as an excuse for above 2.5% rise,and the cost of clothing about to take off due to cotton prices.its a safe bet that base rates could triple next year sadly pushing many households over the edge.

Lynsey

Graham_Devon wrote: »

Calm before the storm.

Not too sure about a storm (unless it's you who is involved), but it will be interesting to see the figures in the 2nd quarter of 2011 upwards.
There has been payment plans available, but it's the arrears that matter and the ones that are escalating - how long will they be allowed to escalate before a sale is forced/repossessed??
More emphasis on deposits and the ability to pay next year, that's for sure - gone are the days of 100%+ mortgages.

Lynsey

HAMISH_MCTAVISH

Loughton_Monkey wrote: »

if they can't afford their mortgage, they certainly can't afford to rent!

Given the overall increase in rent/mortgage arrears in the Shelter survey, and the reduction of mortgage arrears reported here. It seems rental arrears have risen whilst mortgage arrears have fallen.

Not surprising given rent is more expensive than mortgage in most places.

HAMISH_MCTAVISH

woodbine wrote: »

.its a safe bet that base rates could triple next year

Really?

So you think the economy will be in boom mode for the next 12 months?

With wages rising and supporting an inflationary spiral?

Overheating so much demand destruction is required to combat demand-pull inflation?

Because rates won't be tripling to tackle VAT induced cost-push inflation, not with unemployment rising and spare capacity remaining in the economy.

Graham_Devon

HAMISH_MCTAVISH wrote: »

Really?

So you think the economy will be in boom mode for the next 12 months?

With wages rising and supporting an inflationary spiral?

Overheating so much demand destruction is required to combat demand-pull inflation?

Because rates won't be tripling to tackle VAT induced cost-push inflation, not with unemployment rising and spare capacity remaining in the economy.

.....Hopes Hamish.

undetterred

woodbine wrote: »

With base rates at 0.5% for month after month after month is it any surprise that repossessions are low?
With inflation at 3.3%/4.7% and about to increase due to the VAT inc and companies using it as an excuse for above 2.5% rise,and the cost of clothing about to take off due to cotton prices.its a safe bet that base rates could triple next year sadly pushing many households over the edge.

Your right all those people paying 0.5% on a mortgage.:cool:

chucky

Graham_Devon wrote: »

Calm before the storm.

with an extra 4,000 repossessions predicted for next year that looks like it's going to be one massive storm............. not