Property Rescue Blog

Despite recent news suggesting that the UK is beginning to get out of the recession, the Bank of England has held interest rates at a very low 0.5% for the sixth straight month, warning that recovery will be slow, long and drawn out.

Recently, the Council of Mortgage Lenders (CML) announced that since last year, the six top mortgage lending companies dominate the market, accounting for 78% of business; last year, the top six accounted for 72%.

In this market of fewer fast house sales, repossessions are increasing.  Before taking back your home, a lender must prove a few things during a repossession hearing.  

The highest number of mortgage approvals in the UK in fifteen months happened this past June; 35,235 mortgages were approved for purchasing new homes. This would seem to signal that there is hope for people who want to sell home fast.

News from OFWAT that water bills in England and Wales will increase about 4.1% in the year from April highlights the rise of many bills in general lately. Car insurance premiums have sharply risen, and the new water bill rates will cost the average UK customer an extra £13 per year.

News that the National Housing Federation has recently predicted that house prices in England will continue falling this year and the following one are being greeted with concern by those looking to sell house fast.

According to the Office for National Statistics, 927,000 people took part time jobs because they couldn't find full time employment in the three months to May. This is third more than the same period last year, and the highest figure on record.

Despite hopes that the economy may rebound relatively soon, it is being reported that the UK economy contracted by 0.8% between April and June of this year. Although it was much better than the previous figure, it is still more than expected.

Hundreds of housing projects in England that stalled out during the recession may receive aid from the government in the hopes of giving a boost to the overall economy. As things worsened during the economic crisis, many housing developments were postponed or abandoned.

With The Nationwide now offering 125% mortgages to certain customers who have negative equity on their homes - i.e., who owe more than what their home is worth - it looks like some will be receiving much-needed assistance in these worrisome economic times.