Property Rescue Blog

According to the KPMG UK Banks Performance Benchmarking Survey, the retail arm of High Street banks in the UK will probably experience losses during the second half of 2009. Bad loans are largely to blame, and are expected to continue causing losses at least through 2010.

Sobering news has confirmed what many UK residents already knew: that the ongoing recession and credit crunch have has a tremendous - and negative - impact on their wealth. Indeed, each household saw a reduction in wealth of approximately £31,000.

Even though July's price increases in home sales had many people turning optimistic regarding the economic crisis, a recent statement by the Royal Institution of Chartered Surveyors (RICS) has quickly negated it. Indeed, the statement by RICS notes that short demand caused the price increases and that a property boom is not imminent.

When the Property Ombudsman announced that there had been a 200% rise in complaints to properties via letting agents in 2008, the numbers were shocking enough. Incredibly, in 2009 the number of complaints has jumped up by another 26%.

The first month on month rise in home prices occurred this past June, according to the Land Registry, the first time this happened since January 2008. This is promising news for many, but for many others sell and rent back continues to be the best available option. Despite the upbeat news, there is still a "flattening" going on with home prices.

Since so many places have been shutting down during this economic crisis, there are more shops available to rent in England and Wales than there have been in years. The number of available shops increased from 4% to 12%, and 12,000 independent shops and 4,000 branches of major retailers closed already this year.

According to the Office for National Statistics, unemployment rose by a record 281,000 and now stands at 2.38 million. The jobless rate went up to 7.6%, the highest it has been in ten years. Those collecting unemployment benefits rose by 23,800 during June but were actually less than expected.

With recent news that the UK government's debt has reached £799bn - or approximately 56.6% of UK GDP. Additionally, new borrowing was £13bn in June - double what it was a year ago.

In this second Sell to Rent FAQ article for the Sell and Rent Back Blog, we cover three more of our most popular questions.  If you have any more questions about sell and rent back, please contact us.  We are here to help!

A new monthly survey by the DCLG (Department of Communities and Local Government) shows that property values continue to fall - but at a slower rate than in the past. This is heartening news for some; however, those who need to sell home fast are still struggling to find a sufficient way to do so.