|
  |
|
|
UK Housing Market Boost From Government
In a press release announcement today released by the ruling Labour party, the UK government has proposed a number of measures that they hope will help to ease the pain within the UK housing market. British Housing Minister Caroline Flint added: "We are determined to continue to do everything possible to promote long-term stability and fairness in the housing market. The measures announced today will go significantly further in supporting families who may be facing difficulties at the moment, while ensuring we maintain our focus on delivering more affordable homes over the long term. We must ensure that repossession is only ever a last resort. The Government is determined to play its part, and others must do the same. Lenders should be exhausting all avenues before repossessing, including looking at how they could extend mortgage rescue schemes to householders." The main objective of this package of schemes is to help those who are vulnerable and in danger of losing their homes, however when examined carefully, the package seems to be aimed at long term measures to create more affordable housing which is a good thing, and at people who wish to get a foot on the housing ladder. Whilst the language being expressed certainly makes it plain that the government do not wish to see people thrown out of their homes due to pressures both from the global credit crunch and/or other economic circumstances, there seems to be an unwillingness to actually "bail out" borrowers who may be facing repossession with taxpayers money. The government wishes lenders, those banks and building societies who made the lending decisions to take a stronger role in easing the pressure on mortgage borrowers who find themselves behind with repayments. UK repossessions in the first half of 2008 have reached 18,900, more than in the first half of 2007. The near future does not look like this trend will diminish unless mortgage lenders take steps to prevent the housing market dissolving into a mess. Property auction houses report a 100% increase in the number of repossessions on their books over this time last year, and estate agents and mortgage brokers, (traditional middle men) in the UK housing market are collapsing under the strain of low sales, low mortgage approvals and, in the case of mortgage brokers, lenders making the best mortgage deals available only direct from the lenders themselves. What will happen in 2009, will the UK housing market recover or at least stabilise. We don't really know, but the signs do not look good.
|
|
 |
|
PLEASE VISIT THE CONTRIBUTOR'S WEBSITE
No reactions yet.
Please login or sign up to rate this intel.
Please login or sign up to add a comment.
The copyright for this content entitled "UK Housing Market Boost From Government" has been specified by the contributor as:
Creative Commons Attribution-Share Alike 3.0
Details 
This content may be copied, distributed, and modified, as long as a) the original author is acknowledged with a link back to the content page, and b) if the work is modified, the result is distributed with this same license.
If you use this content according to the license specified, you must link to the following URL:
http://earnthecash.qondio.com/
|
|
May, 2012
2008
January, February, March, April, May, June, July, August, September, October, November, December
2009
January, February, March, April, May, June, July, August, September, October, November, December
2010
January, February, March, April, May, June, July, August, September, October, November, December
2011
January, February, March, April, May, June, July, August, September, October, November, December
2012
January, February, March, April, May
|
|
Not a member yet?
Qondio is a powerful network for making it online. If you have a website to
promote, we can help.
Sign up and get in on the action.
|
|
Welcome to Qondio! Discover the awesome power this network can deliver by going to our About page. Or you could skip straight to the Sign Up form.
|
|
