July, 2007 News:
A record number of people contacted a debt counselling service with their concerns in the first half of the year, according to figures from the Consumer Credit Counselling Service (CCCS).
In the first six months of the year 161,558 people called the CCCS freephone helpline, which represents an increase of 18.5% over the first half of […]
The UK house prices are currently overvalued by at least 20% when compared with long term averages, according to credit rating agency Fitch. The agency also says that house prices have outpaced incomes over the past ten years.
In addition, the high levels of debt in the UK means that the UK economy is particularly vulnerable […]
Repossession figures do not give a true picture of the extent of the national debt problems, as many homeowners with debt problems are opting for fast house sales in order to avoid repossession.
This is the verdict of litigation specialists Moore Blatch. They say that, while the numbers of homes that are repossessed often hits the […]
Sub-prime mortgages are set for strong growth in the UK over the next four years, according to market analyst Datamonitor.
Datamonitor predicts that the market for this type of mortgage will be worth £31.5bn by 2011, compared to £24.6bn in 2006.
House price growth in the capital is set to slow down this month as potential buyers are beginning to be dissuaded by high house prices and rising interest rates.
Though property prices in central London rose by 3.1% in June, it is predicted that this growth will slow in July.
First time buyers are borrowing more and more to get themselves on the property ladder, according to figures from the Council of Mortgage Lenders.
The CML survey shows that first-time buyer income multiples reached their highest level ever in May at 3.37 times the average first-time buyer income, up from 3.33 in April.
Homeowners face the highest mortgage rates for six years after the Bank of England decided to increase interest rates to 5.75% this week.
This has prompted concern from debt counsellors and property experts that the rise will push struggling homeowners over the edge, forcing them further into debt, and raising the prospect of increased mortgage arrears […]