British Finance News » Housing http://www.britsfinance.com Financial news from United Kingdom Wed, 26 May 2010 08:22:07 +0000 http://wordpress.org/?v=2.8.6 en hourly 1 Problem Properties http://www.britsfinance.com/problem-properties/ http://www.britsfinance.com/problem-properties/#comments Wed, 19 Aug 2009 22:05:13 +0000 admin http://www.britsfinance.com/?p=43 problemThe real estate market is defiantly on a downfall. The real question is what you do when the bank says that your house is in such horrible condition that they have kicked you out but not foreclosed. As seen on CNN quite often there is a rise on properties that the bank is just walking away from. So what do you do? Well you are on the hook. One couple I saw was foreclosed on and the bank walked away from it and they now have to pay thousands of dollars in city by-law fines and face up to 45 days in jail. All because the bank foreclosed and they walked away. The homeowners are not allowed to live there but they are on the hook for everything. There is a rising number of problem properties and a rising number of homeowners on the hook facing serious fines and jail time. How can you stop this from happening to you? Make sure that when they take your house in foreclosure that they are not just walking away and if they are act as quickly as possible.

]]> http://www.britsfinance.com/problem-properties/feed/ 0 House prices increase during January http://www.britsfinance.com/house-prices-increase-during-january/ http://www.britsfinance.com/house-prices-increase-during-january/#comments Thu, 05 Feb 2009 18:22:20 +0000 admin http://www.britsfinance.com/?p=7 houseBritish homeowners have been offered a small glimmer of hope by the latest Halifax survey which has shown that house prices rose by 1.9 per cent last month.

The average house now costs £163,966 according to the Halifax which means that this rise had offset Decembers fall.

However, the Halifax themselves have warned against paying too much attention to any one months figures.

House prices in the UK have still fallen by 5.1 per cent over the last 3 month and by 17.2 per cent over the last year.

The Halifax’s housing economist Martin Ellis said ‘Whilst there may be a few small signs that market activity may be stabilising, there are still more risks that are placing downward pressure on the market in general. Rising unemployment and the lack of ability to obtain credit mean that the housing price crash is far from over’.

With the Bank of England today cutting the Interest Rate to a flat 1%, there will be even more people tempted to buy a house and benefit from lower mortgage payments.

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