Property Rescue Blog

Recent falls in home prices are not enough to allow most would-be first-time homebuyers to get on the property ladder. This is according to a YouGov survey that revealed an astounding 86% of people between the ages of 18 and 30 who do not already own their home would not currently be able to afford to purchase a home if they desired.

The number of people in the UK who are of working age and who are not currently working increased by 110,000 during the first quarter of this year, ending in a record high of 8.16 million.

A YouGov survey commissioned for Financial Planning Week 2009 found that one in 20 Brits will seek professional financial assistance to improve their finances.

Without further borrowing, access to disposable cash is scarily low according to research conducted by Aviva. Aviva estimates that the average British household, without further borrowing, would only be able to get a hold of £914 of disposable cash.

Worrying trends in credit card use are emerging in the UK as research begins to show the true depth of the reliance Brits have developed on credit cards.

Financial help calls have reached record highs with the Consumer Credit Counselling Service (CCCS) reporting over 93,000 calls from consumers needing help with their personal debts in the first quarter of 2010.

Personal insolvencies hit record numbers in 2009, topping out at 134,142. Sadly, R3 reports that this is simply the tip of the iceberg when it comes to worrisome increases in difficulty repaying personal debt.

Research conducted by Callcredit shows that more than one in four people who have a mortgage (26%) report that they would not be able to make their mortgage repayments as scheduled if they experienced a loss of £300 in their monthly income.

The widespread impact of the recession is still being seen throughout the UK as families struggle to manage the aftermath and regain their financial footing.

Properties held by joint home owners may be at risk unbeknownst to one of the joint owners. This is because credit card companies are not mandated to inform the joint owners of an asset regarding debts that are accrued by the other joint owner.