View more on these topics

Repossession sales double year-on-year

Sales of repossessed properties over the last three months have doubled from the same time last year, says the Asset Management Group.

The firm, which manages housing assets on behalf of lenders, has seen a month-on-month increase of properties under offer since the beginning of the year.

AMG says this is a positive sign for the overall housing market.

Simon Matthews, managing director at AMG, says: “Predictions of repossession levels this year continue to be high, but with housing stock actually being sold it suggests a positive underlying confidence and a movement of the market in the right direction.”

He says this may be because prices have fallen to levels where low LTV ratios can be met, or perhaps sentiment that the housing market has hit the bottom.

Matthews says the market activity may also be driven by buy-to-let investors capitalising on lower prices in a bid to make big returns when it comes to renting.

Recommended

BUDGET 2009: Industry reaction

Today’s Budget was set against a backdrop of rising unemployment and the worst recession since World War II, but chancellor Alistair Darling is no Winston Churchill and his Budget did little to inspire the nation.

Days of hope

It’s that time of year again. The financial services industry is waiting with bated breath to see whether chancellor Alistair Darling and his trusty red briefcase will produce anything of any use to get us out of this mess.

Chancellor will need a magic moment

This week’s Budget will more closely resemble a performance by magician Paul Daniels than a speech by Vilfredo Pareto or Arthur Cecil Pigou, both influential economists. With little if any cash at his disposal chancellor Alistair Darling’s second Budget is likely to produce more smoke and mirrors than anything of substance for taxpayers, let alone the mortgage market.

Ex-FSA boss questions handling of HBOS rumours

A former head of supervision at the Financial Services Authority has called into question the assurances made by the regulator following last year’s market rumours about HBOS.

Embrace simplicity!

By Fiona Holmes, proposition communications manager When I first took out critical illness cover, I was overwhelmed. It wasn’t just the form filling, it was finding out about the sheer number of illnesses I was covered for. Did it give me peace of mind that I was covered for neuromyelitis optica or systematic lupus erythematosus? […]

Newsletter

News and expert analysis straight to your inbox

Sign up