2 September 2010

Repossessions in sharp rise

03/11/2008 James Crux

In a gloomy piece of news for the sector, the Financial Services Authority (FSA) has said that the number of people losing their homes after failing to meet mortgage repayments has risen sharply.

The UK’s financial watchdog has announced that the number of UK repossessions in the second quarter of 2008 was 11,054, representing a dramatic 71 per cent increase compared with Q2 2007. Moreover, the FSA warned of a rise in the number of people struggling to clear home loan arrears.

Repossessions had been rising since September of 2007, said the FSA, adding that the number of people who have fallen behind with mortgage repayments for at least three months has also been rising steadily for more than a year, with cases up 16 per cent on a year ago.

This is the second occasion on which the FSA has issued such figures, which were based on data collated from 300 regulated mortgage lenders and administrators.

The downbeat news accompanied predictions of further woe for homeowners from the Bank of England, whose Financial Stability Report believes 500,000 UK homeowners are now in negative equity (when mortgage debt exceeds the value of a property) in the wake of the UK property crash.

On top of that, according to the Land Registry, house prices have fallen once again in England and Wales, with prices declining by 2.2 per cent in September, leaving the average home worth £168,800, down eight per cent on a year ago.

Sector: Real Estate

Subscribe today


More breaking news stories.
More extended feature articles.
And a depth of analysis you
can't find anywhere else.

Subscribe today and save 50%

VCT Report 2010

VCT Report 2010 uncovers the money available

for investment in every single VCT, helping you get one step ahead in the race to attract funding for your unquoted, AIM-listed or PLUS-quoted

company.

Order VCT Report 2010 today using this online form

Cash Shells Directory 2010

A comprehensive overview of cash shells on AIM and PLUS, companies that have become a significant feature on the market landscape. For more information and to order, click here or contact our marketing team on 020 7250 7056.

Coverage of AIM, techMARK and PLUS Markets

Informative features and research on fast-growing companies, small-cap and growth stocks, penny shares, stock market tips and share recommendations, directors' dealings, company news and analysis, new issues and upcoming IPOs.

The Financial Times Guide to Personal Tax

is the definitive and most up-to-date guide to completing your self-assessment tax return, making sure that you get it right and on time, and showing how you can save tax. For more information and to order, click here or contact our marketing team on 020 7250 7056.

Take control of your investments

A full year's subscription to What Investment magazine for £19.95, a whopping 58% off. Get the latest news, features and expert advice on ISAs, Investment Trusts and Funds, SIPPS, Investing for Children and much much
more. Find out more here.

The AIM Guide Spring 2010

The new, fully updated AIM Guide is now available to buy for only £49.95 (saving you £30).

A 'must-have' for any serious investor or professional interested in the market for young, fast-growing companies. Order your copy today Hurry, as offer ends soon!

Growth Company Features, Research and Analysis

In-depth coverage of selected AIM companies within the small-cap and fast growing company sector including AIM and PLUS Markets shares and listed stocks. Company research and analysis from GCI analysts updated daily.

Popular Features

Aim   Boardroom Moves   Breaking-even   Buy/hold   Cash   Commodities   Credit Crunch   Deals & Contracts   Debt   Defensive   Director Dealing   Dividends   Downgrades   Emerging Markets   Full List   Fundraisings   Growth Stocks   Mergers & Acquisitions   New Issues   Penny Shares   Plus Markets   Profit Warnings   Renewables   Restructuring   Sell/avoid   Speculative Punts   Technology   Turnaround   Undervalued  

Latest Features

The challenge for companies targeting AIM 13/08/2010

With AIM investment advisers speaking of ‘cautious optimism’ and a ‘stronger deal pipeline’, Robert Tyerman assesses whether we are soon to see a deluge of new issues

Tags: AIM , Deals & contracts , Fundraisings , Growth Stocks , New Issues

Companies: ReneSola , SureTrack Monitoring , Argos Resources , Metminco , Emis , Ncondezi Coal Company , Bellzone Mining , Kea Petroleum , Squarestone Brasil , Oxford Nutrascience

Time to pile into property?
 13/08/2010

Accountancy firm PricewaterhouseCoopers has bearishly declared that by 2015 there is ‘a 50 per cent chance that property prices will be below 2007 levels’.

Tags: AIM , Cash , Emerging markets , Fundraisings

Companies: Max Property , London & Stamford Property , LXB Retail Properties , Lok'n Store , HML , West Pioneer Properties

People: Perfect pitch? 13/08/2010

As Tajikistan-focused gold explorer Kryso Resources celebrates the appointment of experienced gold miner Andre Gaston as chief operating officer, London public relations outfit Walbrook has announced to an unsuspecting world that it has won the PR account for the AIM-quoted company.

More Features

Sectors

Aerospace & Defence   Alternative Energy   Automobiles & Parts   Banks   Beverages   Chemicals   Construction & Materials   Electricity   Electronic & Electrical Equipment   Equity Investment Instruments   Fixed Line Telecommunications   Food & Drug Retailers   Food Producers   Forestry & Paper   Gas, Water & Multiutilities   General Financial   General Industrials   General Retailers   Health Care Equipment & Services   Household Goods   Industrial Engineering   Industrial Metals   Industrial Transportation   Leisure Goods   Life Insurance   Media   Mining   Mobile Telecommunications   Nonequity Investment Instruments   Nonlife Insurance   Oil & Gas Producers   Oil Equipment, Services & Distribution   Personal Goods   Pharmaceuticals & Biotechnology   Real Estate  
Vitesse Media Events