Tuesday, Dec 15, 2009

Where did they misplace them? bit big to hide!!

Sky via yahoo: Nearly 14,000 Homes Lost In Three Months

Nearly 14,000 Britons had their homes repossessed in the three months to the end of September, newly-released figures show.
A total of 13,987 properties were taken back by lenders in the third quarter of the year, a rise of 3%, the Financial Services Authority (FSA) said.

Posted by mark @ 01:29 PM (2658 views)
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23 Comments

1. mrflibble said...

Low interest rates, Government schemes and flexibility from lenders have all helped struggling home-owners keep hold of their properties.

Tell us about it, home-owner-ism (thanks Mark) must be kept alive at all costs here on Treasure Island. Aye Aye Captain.

I hate to think where we are going to be in a few years time when we venture into the long grass to address the problems old Brown has booted in there...

Tuesday, December 15, 2009 01:38PM Report Comment
 

2. a saver said...

Lost? Don't they mean 14,000 more properties now able to be sold? Of course the banks may sit on them rather than selling.

Tuesday, December 15, 2009 01:49PM Report Comment
 

3. timmy t said...

As a saver says - these will either be retained by the banks in which case "limited supply pushes up prices" or sold in which case "rise in transactions as housing market continues recovery"... More media tosh!

Tuesday, December 15, 2009 02:05PM Report Comment
 

4. hpwatcher said...

Lost? Don't they mean 14,000 more properties now able to be sold? Of course the banks may sit on them rather than selling.

I've actually heard that this is what is happening.

Tuesday, December 15, 2009 02:24PM Report Comment
 

5. Jimmylad said...

So the banks can afford to sit on them cos of the tax payer... Bit by bit it's starting to collapse.

Tuesday, December 15, 2009 02:31PM Report Comment
 

6. mark wadsworth said...

Mr F, ta for mention, the BBC's write up of the same press-release shows that Home-Owner-Ists now have their own fakecharities..

Tuesday, December 15, 2009 02:53PM Report Comment
 

7. cynicalsoothsayer said...

the banks may sit on them rather than selling.

I've actually heard that this is what is happening.


Where? They are required to follow the FSA rules on repossessions:

http://fsahandbook.info/FSA/html/handbook/MCOB/13

Tuesday, December 15, 2009 03:13PM Report Comment
 

8. will said...

Whilst interest rates are so low, they may be able to hold on to them empty.

Tuesday, December 15, 2009 03:16PM Report Comment
 

9. mark wadsworth said...

CSS, good link. The relevant bit refers to "other factors which may prompt the delay of the sale. These might include market conditions"

Which is the ultimate get-out. The banks are perfectly entitled to say that in their subjective-but-honestly-held-opinion (backed up by endless VI ramping) is that house prices will rise faster than interest accrues, ergo, they'll hang until [random date in the future].

Tuesday, December 15, 2009 03:22PM Report Comment
 

10. cynicalsoothsayer said...

It's not a question of finance, it's about rules that are meant to make the repossession process fair to the ex-mortgagee.

Tuesday, December 15, 2009 03:22PM Report Comment
 

11. jack c said...

Today's mortgagestrategy is carrying the following story

Lenders ignoring repossession protocol

Some lenders are failing to comply with pre-action protocol rules for repossession, shows a new report from AdviceUK, Citizens Advice and Shelter. The report, Turning the tide?, is based on research into hundreds of cases seen by advisers who give last minute advice to people at court on the day of their repossession hearings. It found in a third of recorded cases the lender had failed to comply with pre-action protocol rules, requiring them to take court action only as a last resort after offering borrowers other options for dealing with their arrears. Despite this, judges took action to address this in only a handful of cases.

Full article @ www.mortgagestrategy.co.uk/lenders/lenders-ignoring-repossession-protocol/1004016.article

Agree with cynicalsoothsayer @ Tuesday, December 15, 2009 03:13PM regarding FSA guidlines but it looks as if the rule book might not be applied in all cases.

Tuesday, December 15, 2009 03:27PM Report Comment
 

12. cynicalsoothsayer said...

The mortgagee still owes the debt, and if the interest is not paid then the interest would accrue while the house is unsold. Meanwhile the bank is playing the housing market? That wouldn't be looked on favourably by the court.

Tuesday, December 15, 2009 03:29PM Report Comment
 

13. cynicalsoothsayer said...

Repossessees need better solicitors.

Tuesday, December 15, 2009 03:31PM Report Comment
 

14. jack c said...

This from today's moneymarketing "Govt extends free advice for those facing repossession"

Housing minister John Healey has extended free advice for families facing repossession into next year with £4m of additional funding. The funding will go to debt advice agencies, as well as 80 court desks across the country. The Government says 6,000 cases have been seen by the court desks over the past year, and more than 100,000 households have benefited from free advice on managing their debts from charities and councils. Services offering free advice and representation in court have helped stop repossession in four out of five cases making use of their service. The decision comes as pressures on repossessions are forecast to continue throughout 2010.

Full story @ www.moneymarketing.co.uk/mortgages/govt-extends-free-advice-for-those-facing-repossession/1004033.article

Tuesday, December 15, 2009 03:36PM Report Comment
 

15. p. doff said...

Actually, it's the 'houseowner' that owes the debt, not the mortgagee.

Tuesday, December 15, 2009 03:38PM Report Comment
 

16. cynicalsoothsayer said...

Actually, it's the 'houseowner' that owes the debt, not the mortgagee.

If you want to be really picky the FSA Handbook calls them Customers. LOL

Tuesday, December 15, 2009 03:41PM Report Comment
 

17. timmy t said...

Here's some free advice for families - don't borrow more than 3.5 times your salary

Tuesday, December 15, 2009 03:50PM Report Comment
 

18. jack c said...

Agree with timmy t, if we had maintained responsible lending we wouldnt be in such a muddle - you wouldnt believe the hoops people had to jump through back in the mid 90's to get a £3k further advance for genuine home improvements.

Tuesday, December 15, 2009 04:02PM Report Comment
 

19. smugdog said...

Hey Mark@0, if the job loss data is running a bit thin, then why not report on repossessions? It's going to be a swinging time with good will to all in your household this Christmas ---- Scrooge.

Portly Gentleman: At this festive time of year, Mr. Scrooge, it is more than usually desirable that we
should make some slight provision for the poor and destitute, who suffer greatly at the present time.

Ebenezer: Why? Are there no prisons? Are there no workhouses?

Portly Gentleman: Many can't go there; and many would rather die.

Ebenezer: If they would rather die, they had better do it, and decrease the surplus population.

Tuesday, December 15, 2009 04:41PM Report Comment
 

20. honest valuer said...

Just thinking aloud: If HPCers could identify repossessed and vacant houses and start registering "squatters interests" at the Land Registry (I understand that it is relatively straight forward to do) the banks might change their policy of holding and trying to play the market.

Tuesday, December 15, 2009 08:07PM Report Comment
 

21. tenyearstogetmymoneyback said...

This morning I was sat in a hospital waiting room (as chaperone) watching Homes Under The Hammer,
it was a quite recent program (ie all 2009). One property featured had been empty for ten years with the
result that the entire roof on the rear extension had collapsed. It really did look as if a bank had sat on it !
No wonder there is a property shortage.

Tuesday, December 15, 2009 09:47PM Report Comment
 

22. brickormortis said...

So how many first time buyers were introduced to the market in this time? Surely if we subtract these from them, we get a real picture of growth in house ownership!?

Wednesday, December 16, 2009 04:31AM Report Comment
 

23. Lost Password said...

hpwatcher @4 : 'Lost? Don't they mean 14,000 more properties now able to be sold? Of course the banks may sit on them rather than selling. I've actually heard that this is what is happening'.

Indeed they may well do, but it would require all banks and large building societies to co-operate in doing this. If one doesn't then the market could be flooded with repossessed properties, driving prices down. The others would then start releasing their portfolios to reduce their losses.

Wednesday, December 16, 2009 03:11PM Report Comment
 

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