Friday, November 21, 2008

Repossessions,Repossessions,Repossessions.

Home repossessions rise 12% as economy worsens

Repossessions in July, August and September jumped sharply by 12 per cent and, according to the Council of Mortgage Lenders, full year numbers are expected to soar by 70 per cent compared to 2007.

Posted by sold out @ 11:30 AM (1525 views)
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17 thoughts on “Repossessions,Repossessions,Repossessions.

  • Some great news regarding the failing BTL market in this article:
    ———————————————–
    “Buy-to-let mortgages, which had previously been performing well, have also seen a rapid deterioration in the three months to September.

    This has been attributed to falling rents and an over-supply of properties in some areas, which means that landlords are unable to let their property or achieve high enough rents to support their borrowing commitments.”
    —————————————–
    “Ominously, however, the buy to let market is now accounting for an increasing share of mortgage arrears. The latest RICS survey of the residential lettings market shows rents are now declining which, if persistent, could exacerbate the pain in this sector,” Mr Rubinsohn said
    The problems of buy-to-let landlords have been compounded because it is now more difficult to sell as an exit strategy, while the availability of new buy-to-let mortgage finance has contracted sharply.
    ————————————
    The CML believes that the relatively low rate of repossessions in the buy-to-let market is unlikely to continue in the future.
    ———————————–

    Brilliant news, looks like my dream of buying a nice cheap (-50%) repo from one of these BTL parasites is still on the cards. ( cue confused76 style laughter)

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  • As expected, i think we will see some significant price drops in the next 6 to 12 months…..

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  • A bit of local news from me. House prices have really fallen. I have just seen a flat on a popular road in West London where prices were previously 200- 210k listed as for sale at £169,950 not an auction sale either.

    The first real price drop i have seen, looks like it is underway.

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  • Andrew. You prompted me to take a look at Propertysnake again… been a couple of months since I last looked. First one on the homepage – 2-bed house next to Hanger Lane originally on at £250k, now down to £120k. WOW.

    http://propertysnake.co.uk/site/detail/4438750

    As usual, some duplication of changes on the listing, but £120k for London Zone 3? WOW. Maybe probate with a big tax bill to pay?

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  • planning4acrash says:

    Yup, but, this is kind of good in the way, but the banks that defrauded now own our real estate.

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  • t’is just the beginning

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  • Yes but it will all be fixed on Monday when Alistar Darling will save the world, they are talking about a 3 month amnesty.

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  • Sometimes I get the feeling that the real HPC has not actually started yet and that the 10-15% falls we have seen thus far are little more than Hors D’oeuvres.

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  • did you know according to a mortgage broker i was chatting to it is easier to get a BTL with 20% down mortgage than a self cert with 40% deposit at moment

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  • gone-to-colombia says:

    I agree, the real HPC has hardly started. I believe that the true state of the market is to be seen in the prices made at auction. The silly prices asked by sellers on sites such as Rightmove represent hope over reality.

    ‘Never underestimate the power of self delusion’ anyone remember where that came from?

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  • doom and gloom @4
    I’ve stopped looking at propertysnake as I found that after the legal ban by EAs on the site publishing pictures and links to the EA site, it has run out of steam ( badly updated, impossible to track down where a certain property is or what EA is advertising it).

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  • @gone-to-colombia – ‘Never underestimate the power of self delusion’ – Gordon Brown by any chance?

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  • Mark Wadsworth says:

    The CML believes that the relatively low rate of repossessions in the buy-to-let market is unlikely to continue in the future

    As Sold Out, I like that bit best.

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  • gone-to-colombia says:

    Sorry Jack, got that a little wrong it should be – Never underestimate the power of denial
    Brown would be a good candidate but this is not where the quote came from.

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  • yep must agree, sit back and watch the mayhem over the next 12 months…

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  • Everyone, we have to be strong. Remember, patience is a virtue, and virtue is a grace, and grace is a little girl who never washed her face.

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