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e.surve calms repossession fears

The Department for Constitutional Affairs reported last week that there had been a rise of 66% in repossession orders in England and Wales over the past three months.

Whilst at first glance this looks concerning, e.surv says it must be remembered that we are starting from an extremely low point.

Richard Sexton, business development director at e.surv, says: Whilst percentage change is significant, absolute numbers are not.

“Lenders instigate actions for repossessions far sooner in the process than previously as part of their proactive management of arrears.

“However, their preference remains to keep the borrower in the property in all but the most extreme cases.

The significant majority of actions do not proceed to repossession, as evidenced by figures in the first half of the year with only approximately an 8% conversion rate.

e.survs position as the UKs largest distributor of valuations for lenders gives it valuable insight into trends in the mortgage market.

Sexton adds: I can report that actual repossession reports commissioned actually fell by 33% in October, compared to September. This supports the view that more detailed analysis is required in order to understand this area of the market.


RAMP members see record September

The Regulatory Association of Mortgage Packagers saw record completions in September. Completions were 29% up from the same month in 2004 and overall showed a 26% rise, year on year. John Rice, managing director of RAMP, says: “Good news in the mortgage market is in short supply at the moment but RAMP’s experience this year […]

Poor areas get worse services than rich

Deprived neighbourhoods get lower standards of street cleaning and refuse collection than more affluent areas, research for the Joseph Rowntree Foundation reveals. This is in spite of the greater range and severity of problems they face, particularly with graffiti, litter, fly-tipping and poorly maintained public spaces. A study by the University of Glasgow found environmental […]

Buy-to-let yields rise in South-East and London

Paragons October buy-to-let Index shows yields have risen in the South-East by 0.8% and in Greater London by 0.1%. Out of the 10 regions, the South-East and Greater London have consistently displayed the lowest yields due to higher property prices, yet yields have risen in both regions this month on the back of higher rental […]

Kevin Friend joins Money Partners

Money Partners has confirmed industry rumours that Kevin Friend, former director of sales at Scottish packager Opus, has joined the Middlesex-based lender as head of strategic partnerships.Friend left Opus earlier in October, stating at the time that after two-years with the Glasgow-based packager he was looking for new opportunities closer to his home in England. […]


Out from the long grass? An IT and NI merger

Those with a long memory will recall that at the start of the last parliamentary term George Osborne announced his intention to merge income tax (IT) and national insurance (NI).  Headline grabbing as the initiative was, the reality of the complexities, challenges and costs of such a move resulted in this idea being kicked into the political long grass.


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