Property Rescue Blog

It is well known that pension incomes have been falling; however, many are not aware of the fact that the gap between pension incomes received by men and those received by women is widening even more than in previous years.

2010 has not started out well for public finances. In January, the government borrowed an additional £4.3 billion, bringing the total to the highest since record keeping began in 1993.

As yet another indicator of tough financial times, according to the Bank of England, there has been a significant rise in the amount being written off by banks as bad debts on credit cards and unsecured loans.

A reduction in fast house sales increased repossessions last year.   More homes were repossessed in 2009 than in any other year since 1995. This 14-year high culminated in the repossession of a total of 46,000 homes in 2009, which is an increase of 6,000 homes over 2008.

It is reported that that the increase in homeowners falling into mortgage arrears, struggling to make their mortgage payments and increasing repossessions is due to  people simply taking out mortgages much higher  than their incomes would ever allow them to afford.

Mortgage lending dropped significantly in January of this year. While it is normal to show a drop in sales during the month of January each year, this year’s drop stands out as particularly pronounced.

In these tough economic times, a growing number of people are taking part-time jobs as a temporary fix to assist in making ends meet each month.

It will likely come as no surprise that long time unemployment figures, which includes those who have been out of work for at least one year, are now the highest they have been since 1997.

The Financial Services Authority (FSA) has proposed new plans pertaining to mortgages, which may particularly affect some self-employed borrowers.

A survey has revealed that in the past 12 months, more than 10 million people were overdrawn, with 2.1 million of those people never coming out of their overdraft.