Credit Action - Better thinking about money
About us Training Resources Resources Ongoing Projects Press Section

Property repossessions rise

Property repossessions up by 12%

The number of repossessions in July, August and September has risen by 12%, with the Council of Mortgage Lenders suggesting that full year figures for 2008 could be up by 70% from 2007. The number of borrowers in arrears also went up in the third quarter to 168,000, up by 8%.

These figures reflect the increasing struggle for homeowners to meet their mortgage payments. The director general of CML, Michael Coogan, has called for the Government to step up its help for homeowners facing difficulties in their Pre-Budget Report that is published on Monday.

Figures from CML also suggest that buy-to-let landlords are also struggling due to an increasing over-supply of rental properties, restricting landlords ability to rent their property or gain enough rent to cover their borrowing commitments.

Train fairs to rise by 6% in January

Ticket prices across England, Scotland and Wales are expected to see a sharp increase of more than double the rate of inflation in the New Year.

Regulated fares, which include season tickets, are expected to rise by 6%, where as leisure and advanced-fare tickets will see an average rise of 7%.

The Association of Train Operating Companies (Atoc) said extra revenue will be invested in improving the railway and delivering better value for taxpayers in line with the Government's policy to reduce subsidy to the railway by 40% between 2006/7 and 2013/14.

Honda plan to close Swindon plant for two months

Honda has announced that they plan to close their plant in Swindon during February and March, leaving its 5,000 workers only with basic pay.

This move by Honda comes after Toyota, Ford, Land Rover and Bentley have also made similar cutbacks in their UK factory output.

These cuts come on the back of dramatically reduced car sales as customers are increasingly strapped for cash.

Redundancy reaches 25,000 in one week

The number of British jobs lost in the past week reached 25,000 yesterday as more leading companies join the increasingly long list of companies making cutbacks. BAE Systems, Rolls-Royce and AstraZeneca have become the latest to reduce headcounts.

The cuts announced yesterday add to fears that few sectors will be spared from having to make reductions in headcounts.

 

Write a comment

  • Required fields are marked with *.

If you have trouble reading the code, click on the code itself to generate a new random code.
 

Chris Tapp
Comment
Re: Property repossessions rise
Sun November 30, 2008, 01:29:48

In response to John's comment. Whilst the increase in the number of repossessions will need to an increase in the number of people needing to rent a far more significant a factor in the rental market is the number of people choosing not to sell their home in a falling market but rent it out instead leading to an increasing supply of properties for rent and thus falling rent levels. This is good news for tenants but not for landlords, and heavily mortgaged buy-to-let landlords in particular.

John McCabe
Comment
Repossessions rise & rental over-supply
Sun November 23, 2008, 18:51:29

How can these 2 items co-exist? If repossessions are set to be up 70%, all those people are needing to rent, and urgently. To my mind that cannot co-exist with over-supply in the rental market? Or am I being dense?