Banks expect increase in repossessions

Generali

StevieJ wrote: »

Out of interest what were the reposession levels in the recession previous to this one in the early 90's? the one one where the Tories were in power.

In 1991 there were 75,500 repossessions apparently:

http://www.timesonline.co.uk/tol/money/property_and_mortgages/article3900129.ece

Things got slightly worse for a while under the last Labour Government than under Major's:

According to the Ministry of Justice, 38,688 mortgage possession claims were issued from January to March this year, compared with 33,715 for the first quarter of 2007.

The last time mortgage repossession claims reached this level was in the third quarter of 1990, when actions hit 37,498, and the housing market was slipping into one of the worse downturns in its history.

Is it just me or does the Ministry of Justice sound like something out of one of those dystopian novels like Clockwork Orange or Fahrenheit 451?

ess0two

chucky wrote: »

busted.... is it us or just himself he's trying to convince...

He spits the dummy if peeps dont agree.

StevieJ

Generali wrote: »

In 1991 there were 75,500 repossessions apparently:

http://www.timesonline.co.uk/tol/money/property_and_mortgages/article3900129.ece

Things got slightly worse for a while under the last Labour Government than under Major's:



Is it just me or does the Ministry of Justice sound like something out of one of those dystopian novels like Clockwork Orange or Fahrenheit 451?

More like 1984 :eek:

Generali

StevieJ wrote: »

BTW not quite with you on 'got slightly worse' when you quote 75k for 1991.

To clarify, the quarterly figure was worse under Labour, the annual worse under the Tories. You can pick which was worse overall.

I would say the housing market in the early 90s was in a terrible state, far worse than now. The economy as a whole is probably in a worse state now than it was in the 1990s.

StevieJ

Generali wrote: »

To clarify, the quarterly figure was worse under Labour, the annual worse under the Tories. You can pick which was worse overall.

I would say the housing market in the early 90s was in a terrible state, far worse than now. The economy as a whole is probably in a worse state now than it was in the 1990s.

Those quarterly figures were not reposessions, claims are one thing reposessions another, I just googled the current figures.

2008 40k
2009 46k
2010 36k

Jimmy_31

Orpheo wrote: »

Briefly. Then immediately dismissed the notion as b0110cks.

I considered this notion as well, i thought it may have been a coincidence that house prices rocketed when the banks were up to no good but then i came to my senses and also thought nah thats bo11ocks.

ukcarper

angrypirate wrote: »

Prices are high because its a bubble. When the labour government screwed over baby boomers pension pots, they decided to take their investments into their own hand. As many of them didnt (and still dont) understand stocks and shares they decided to go for something "easy" with tangible assets. Property turned from being a place for shelter to an investment overnight with shameless ramping and the lettings market full of useless amateur landlords. Many FTB properties were classed as desirable buy to let properties and as such to buy to let landlords squeezed many would be FTBers out of the market.

Saying that a rise in interest rates wouldnt have an effect is crap - even Mr Wilson admits that he would have gone bankrupt had interest rates not been slashed (i think he said he was literally days away from insolvency)

Have you any evidence that most BTL landlords are babyboomers I know lots but only one is a BTL landlord.

PasturesNew

ukcarper wrote: »

Have you any evidence that most BTL landlords are babyboomers I know lots but only one is a BTL landlord.

On the telly, HutH, the ages seemed spread from 25-50 mostly, which aren't boomers at all.