Property News > Christmas 2008 – A Look Back

Christmas 2008 – A Look Back

As we approach Christmas and the New Year it's a good time to reflect on what has happened in our economy during the past 12 months and where we are likely to go as the recession bites in 2009.2008 has been a traumatic year for the world's financial markets. One could be forgiven for being rather gloomy about the current situation and no one would argue that there is plenty to be gloomy about!  However, there are one or two chinks of sunshine and perhaps we should - especially at this time of year - try to look at the more positive aspects of recent events. After all, the banks could have gone bankrupt and they didn't, housing prices could have crashed beyond all expectations and they haven't, and now, as we head towards 2009, there is just a glimmer of hope that property is starting to pick up again, albeit very slowly.Another fact is low interest rates - bad news for savers but good news for mortgage holders because whilst lenders haven't passed on the full interest rate decrease, the majority of loans cost substantially less to service than they did this time last year. Oil prices are about a third of their peak and this is reflected in fuel prices on the forecourt. Food prices have stabilised but with competition strong, the supermarkets have some exceptionally good promotions that are likely to benefit most shoppers.Nevertheless, thousands of people have already lost their jobs and more will do so over the coming months. Some pundits say that the total jobless will reach 2.5 million by April next year. Let's hope they're wrong but if those predictions are anywhere near correct there are many who will be struggling with their mortgage repayments, even should bank rates fall further.Christmas is a time when we expect to be in our homes with our family and loved ones, feeling secure about the future. Unfortunately, there are many who will not be able to do that this year, and will be very fearful about their job security as they start back at work in 2009. Remaining in your home is a top priority for many, no matter what their financial circumstances, but as income reduces it's an objective that can sometimes seem impossible.Property Rescue has a scheme whereby people can stay in their own homes even if they can no longer afford their mortgage repayments. This is called a 'sell and rent back' scheme, where you, as a property owner, sell your home to Property Rescue but can stay in it as a tenant. Rent is agreed in advance and you have the normal protection under the law that any tenant has. Although you will no longer own your home, you don't have the disruption of moving house nor the trauma of repossession.Property Rescue has helped hundreds of families over 2008. If you are in a situation where you face the possibility of repossession or your debts are threatening to overwhelm you, call Property Rescue for an informal chat. Their consultants will talk to you without obligation and give you a free valuation for your home.As we approach Christmas and the New Year it's a good time to reflect on what has happened in our economy during the past 12 months and where we are likely to go as the recession bites in 2009.2008 has been a traumatic year for the world's financial markets. One could be forgiven for being rather gloomy about the current situation and no one would argue that there is plenty to be gloomy about!  However, there are one or two chinks of sunshine and perhaps we should - especially at this time of year - try to look at the more positive aspects of recent events. After all, the banks could have gone bankrupt and they didn't, housing prices could have crashed beyond all expectations and they haven't, and now, as we head towards 2009, there is just a glimmer of hope that property is starting to pick up again, albeit very slowly.Another fact is low interest rates - bad news for savers but good news for mortgage holders because whilst lenders haven't passed on the full interest rate decrease, the majority of loans cost substantially less to service than they did this time last year. Oil prices are about a third of their peak and this is reflected in fuel prices on the forecourt. Food prices have stabilised but with competition strong, the supermarkets have some exceptionally good promotions that are likely to benefit most shoppers.Nevertheless, thousands of people have already lost their jobs and more will do so over the coming months. Some pundits say that the total jobless will reach 2.5 million by April next year. Let's hope they're wrong but if those predictions are anywhere near correct there are many who will be struggling with their mortgage repayments, even should bank rates fall further.Christmas is a time when we expect to be in our homes with our family and loved ones, feeling secure about the future. Unfortunately, there are many who will not be able to do that this year, and will be very fearful about their job security as they start back at work in 2009. Remaining in your home is a top priority for many, no matter what their financial circumstances, but as income reduces it's an objective that can sometimes seem impossible.Property Rescue has a scheme whereby people can stay in their own homes even if they can no longer afford their mortgage repayments. This is called a 'sell and rent back' scheme, where you, as a property owner, sell your home to Property Rescue but can stay in it as a tenant. Rent is agreed in advance and you have the normal protection under the law that any tenant has. Although you will no longer own your home, you don't have the disruption of moving house nor the trauma of repossession.Property Rescue has helped hundreds of families over 2008. If you are in a situation where you face the possibility of repossession or your debts are threatening to overwhelm you, call Property Rescue for an informal chat. Their consultants will talk to you without obligation and give you a free valuation for your home.

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