We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
Debate House Prices
In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non MoneySaving matters are no longer permitted. This includes wider debates about general house prices, the economy and politics. As a result, we have taken the decision to keep this board permanently closed, but it remains viewable for users who may find some useful information in it. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Repo's to rise in 2011.
Graham_Devon
Posts: 58,560 Forumite
http://www.bbc.co.uk/news/business-11992804Mortgage arrears and repossessions will rise modestly next year, the Council of Mortgage Lenders (CML) predicts.
Its annual forecast for the UK property market paints a picture of continued stagnation, with the current low level of sales persisting, and prices falling modestly or staying flat.
The CML says that mortgage rationing by banks and building societies will continue.
And the poor state of the economy will deter some potential home buyers.
"Given the continuing economic uncertainties, there is little to encourage buyers," the CML said in its annual market forecast for 2011.
"First-time buyers will continue to find it difficult to get into the market.
"With funding in short supply, the availability of mortgages for first-time buyers will remain limited," it added.
The level of arrears and repossessions has been on a downward trend, falling gently since the middle of 2009.
This has been due to a sluggish recovery from economic recession, and unemployment reaching a plateau just below 2.5 million people.
The finances of many home buyers have been helped crucially by the long period of ultra-low interest rates.
The Bank of England steadily cut its base rate from 5% in 2008 to 0.5% in March 2009, and it has stayed at that level since.
Despite this, the CML says there are some mortgage borrowers who will not be able to hold out any longer.
"We predict a modest increase in arrears and possessions next year, reflecting the continuing pressure on household finances, the persistence of cases of long-term arrears and the government's decision to cut help for borrowers by cutting payments of support for mortgage interest," it said.
0
Comments
-
I think they could get it right this year [STRIKE]2009[/STRIKE] [STRIKE]2010[/STRIKE] 2011.
0 -
-
Repo's to rise in 2011
I'm sure that will cheer up some posters on here.
You can't beat families being thrown out onto the street for a 'feel good' story.'In nature, there are neither rewards nor punishments - there are Consequences.'0 -
you forgot this bit in your copy and paste from the article(as expected)Graham_Devon wrote: »
that's 4,000 extra homes being repossessed which equals a massive and huge 0.17% of properties... it must be the next leg down... pmsl...It predicts that there will be 40,000 repossessions in 2011, up from an estimated 36,000 this year.
these bad news threads are getting more and more desperate...0 -
0 -
you forgot this bit in your copy and paste from the article(as expected)
that's 4,000 extra homes being repossessed which equals a massive and huge 0.17% of properties... it must be the next leg down... pmsl...
these bad news threads are getting more and more desperate...
As I said yesterday, what will drive the banks to sell this extra flood of properties at less than market value?
People can gloat all they like about families with young children being made homeless and losing everything they worked for, but it won't mean you get to live in their house for free afterwards.0 -
An extra 4000, games up *sells house again*This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0
-
it was obviously purely a coincidence that the anti-HPI viral spammer with 34,000 posts missed out the important peice about the news story.Blacklight wrote: »As I said yesterday, what will drive the banks to sell this extra flood of properties at less than market value?
People can gloat all they like about families with young children being made homeless and losing everything they worked for, but it won't mean you get to live in their house for free afterwards.
it's desperate, just desperate. a 0.17% rise in all property being repo'd is going cause 'the next leg down'...0 -
34290 / 1963 days = 17 posts a day, every day, for nearly 5 and a half years.
That's some commitment to try and convince everyone that house prices will crash.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.1K Banking & Borrowing
- 253.5K Reduce Debt & Boost Income
- 454.2K Spending & Discounts
- 245.1K Work, Benefits & Business
- 600.7K Mortgages, Homes & Bills
- 177.4K Life & Family
- 258.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards