stilover

As above. 14,000 in the first 6 months this year.

Huge jump in home repossessions - Yahoo! News UK

lozgti

'Sub-prime'

You gotta love that.Did we nick it from the US or the other way round?

Infractme!

Good news.

Fuzz

Rubs hands together for a cheap house


Andy

Trout

iTrader: (1)

However bankruptcies are down in the same period which is a surprise.

Leslie

Give it time Rannoch!

Les

apples24

iTrader: (1)

we were thinking of buying and the mad thing is even with the 40k depsit we have our mortgage would still be over £1000 a month and thats only a 3 bed house £189k, its stoopid now, for that reason we have decided to stay renting and go on holliday once more a year, ill rethink in a few years time, surely the prices cant keep going up? a fair few years ago ppl were leaving home at 18 etc getting married and buying a home etc, now they have to save like mad till there 25 to even contemplate it then there living a tired life working there socks off to survive

SirFozzalot

Wouldn't mind getting my hands on a cheap repo!

Where can you find them? Do they advertise them for sale in the usual way?

Petem95

I expect reposessions will continue to rise as interest rates continue climbing (they are still historically low).

I've not sympathy for the greedy BTL'ers losing their properties, but do feel sorry for those FTB'ers who've just overstretched themselves to get their first home so they can start a family, and will now lose everything.

apples24

iTrader: (1)

thing is repos arent cheap no more, no more trade buying etc its just auctioned off and in the rooms are many private buyers now adays, its like car auctions, ther enot cheap no more

apples24

iTrader: (1)

thing is repos arent cheap no more, no more trade buying etc its just auctioned off and in the rooms are many private buyers now adays, its like car auctions, there not cheap no more

Petem95

This cartoon sums it all up really. Its starting in the US, but the same will happen here - everyones been living beyond their means on credit for too long! It was always going to end in tears - was just a case of when.

http://photobucket.com/albums/f53/midtowng/lockdoor.jpg

Deep Singh

Repos are up but nowhere near the highs of the last recession? I also read somewhere that a record low of 1% are in arrears and unemployment is low.

Don't get me wrong I'm not talking things up because I'm worried, I'm actually looking forward to a correction to buy for my pension. Problem is I fear the repo property will be the very lower end of the market and there will be loads of people waiting to snap them up

davyboy

My new business in buying houses and renting them back to the old owners.

richardg

great cartoon! sums up peoples' attitude to credit across most of the developed world i expect!

lightning101

ITN - House prices 'to rise by 40 per cent'


House prices to rise 40%


Basically it's a case of pick whatever news suits your current circumstances.

MJW

Plenty of cheap (slightly) flood damaged houses about, don't know what everyone's moaning about

J_sca001

******* vultures!!

I'm fortunate enough not to be in that position, and cheap Repo's don't happen anymore as the last lot who were evicted sued the lenders for selling in their own interest and having no regard for the owners.

stilover

Agree totally.

SirFozzalot

Whats wrong with trying to get a bargain? Are you saying that if you were looking to move to a bigger property (which I am) and some repos came on the market that meant you could get a bigger house than you were originally looking to afford, you wouldn't buy it?

My mate bought a repo about 10 years ago and has now almost completely paid off his mortgage!

MattN

149k isn't over 1k a month it's <900

stilover

I seriously doubt house prices could go up 40%. London? Maybe.

Take a look around new build housing estates. Builders are struggling to sell, and are therefore open to discounts. £20-40k round here. House builders, if they are starting to struggle now, could definately not sell at 40% more. OK, there will always be those who can afford to buy, or mortgage themselves up to the hilt, but banks will stop agreeing to lend so much if Reposesions keep rising.

The sooner the better.

J_sca001

I'm all for a bargain.

Making money out of another persons misery is not right!

Your mate may be smiling but i wonder what misery the previous owners are still living in. Those scummy lenders chase you for years, and they don't generally get another mortgage after repossession.

davyboy

Not if you have credit problems.

T4molie

It is unfortunate yes but a sad fact of life If people start out by stretching themselves to the absolute max then IMO they're asking for trouble!!

lightning101

I'm not arguing with you. I do though wonder why an organisation such as this would make such a bold statement if the People on the street, much like yourself know better

It's only 8% a year though, which is not beyond the reaches of credibility should the government not step in and fill the house shortage.

Just north of me, people are sleeping in their cars all weekend to get a deposit down on 300K + houses

jjones

estate agents stuck a leaflet through the door asking if we wanted to sell as they have 3 people after a similar propery (one accross the road sold in three weeks and there were plenty of people viewing it). seems the words "requires modernisation" on an advert just increase the amount of viewers as they think they are getting a bargain.

prices still creeping up
BBC NEWS | Business | House prices rise again in July

where will it end, i see a lot of people ready to move in and take advantage of a "crash" which will presumably stunt the extent of a crash, if and when it does come.

stilover

I'm not saying "I know best" all I'm saying is that the value of homes in Britain is so high that I think (personal opinion) that they just can't go up by another 40%.

FTB are already being priced out of the market, so another 40% increase will price them all out. The only homes available for FTB are ex-council houses on very ropy estates. Who wants to live there?

The Government, Banks, estate agents etc are all bigging up house prices, as these are the same organizations that are making money out of the housing boom.
Estate agents are hardly going to say the see an imminent crash. Why? because people would buying houses, thus cutting off their cash steam. Same as Banks, Same as Government. The last thing Gordon Brown wants now (as he's wanting to full term in office) is a housing crash.

lozgti

So the cycle of boom and bust has finally been broken?

MattN

Then you shouldn't be allowed a mortgage. You'll default and increase the number of repo's and then there will be a tread on SN about a price crash that was predicted over 6 years ago ...