REPOSSESSIONS TO RISE
British mortgage repossessions hit their lowest since 2007 last year but are expected to rise in 2012 due to increasing unemployment, the Council of Mortgage Lenders (CML) said yesterday. The CML said the number of home repossessions came in at 8,500 between October and December, down from 9,300 in the previous three-month period, but up from 8,100 at the end of 2010. In 2011, repossessions totalled 36,200, the lowest since the start of the financial crisis. The number of people who fell behind with their mortgages also fell last year.
LONDONERS CASH IN ON GAMES
A survey by property website FindaProperty.com estimates the total Olympics rental market for flats, apartments or houses could be worth £314m, based on one-in-three homeowners considering letting out some or all of their properties. Estate agents say the number of short-let clients on their books has risen sharply. Even high-end service specialists such as onefinestay.com, which handles properties typically worth £1.5m, is receiving between 100-150 calls a week from people looking to rent out their property during the Games.
MORTGAGE NUMBERS SOAR
Loans for house purchase surged to 58,610 in January, according to the latest Mortgage Monitor from e.surv chartered surveyors. This is the highest level since December 2009, and came thanks to an increase in lending to borrowers with small deposits. The figure represents an 11 per cent increase on the 52,939 purchase approvals in December, and a 29 per cent year-on-year increase from January 2011. The sharp increase has been driven by more loans to borrowers with small deposits, with more first-time buyers being given access to high-loan-to-value mortgages.