Sim Property Group
One-stop shop for your property
Czech Republic, Poland, Slovakia & Bulgaria
русский Български Połysk česky English


PROPERTY NEWS
* CZ: Avoid mortgage redemption penalties
* CZ: When to consider QNUPS
* CZ: Prague Property Market
* CZ: Zack Crichton Prague
* CZ: 39% less mortgages
* CZ: Ocro loss up
* CZ: Flat construction down
* CZ: German fund buys Prague office
* CZ: Land registry numbers fall
* CZ: Prices stop falling
* CZ: Prague Hotel revenue lower
* CZ: Market in the middle
* PL: Next property boom
* CZ: House prices fall Q2 09
* CZ: Central Group profit up
* CZ: Homes sell for less
* CZ: MPs against foreign buyers
* CZ: Panelak prices fall
* PL: Polish prices fall
* CZ: Prague expensive in V4
* CZ: Buyers market
* CZ: Property shells
* SK: Slovak market falls
* CZ: Rent deregulation extension
* CZ: Karlovo Namesti overhaul
* CZ: Orco seeks protection
* CZ: ECM REI loss 2008
* CZ: Developers expand
* CZ: Orco shakeup
* CZ: PFF-ECM property group
* CZ: Building output grows
* CZ: New home starts fall
* CZ: Bank cuts base rate
* CZ: Prague prices fall
* CZ: Developers divide Rohanksy
* CZ: Property market tough times
* CZ: Senior housing
* CZ: Copa Centrum Prague
* CZ: ECM REI makes loss
* UK: Home repossessions rise
* CZ: Czech rents rise
* CZ: Property price growth slows
* CZ: Holesovice Brewery completion
* UK: House sales slump 53%
* CZ: Prague's city within a city
* CZ: Mortgage demand falls slightly
* UK: House prices fall 1.3% September
* CZ: Brno grows a Manhattan
* RO: Bucharest construction boom
* CZ: Czech housing funds
* PL: Dom development in Wroclaw
* CZ: Brno get highest Czech building
* CZ: Rents rise by 50% in some towns
* UK: House price falls accelerating
* CZ: Hourly wage up 41%
* CZ: AFI & Satpo post loss
* CZ: ECM issues more shares
* UK: House prices fall 10.5%
* CZ: Interest rates down to 3.5%
* CZ: Some cities go down with rents
* CZ: Regulated rents rise steeply
* CZ: Orco 3bn euro project
* CZ: Building output up 2% in April
* CZ: New district in Prague
* US: No pick-up for US housing
* CZ: Tourist numbers up 10.5%
* US: Homes best bargin since 04
* UK: Taylor Wimpey close 13 offices
* US: California sales up 22%
* US: Construction picks up in April
* CZ: M&M reality doubles turnover in 07
* CZ: Building output slows 0.8% March
* CZ: Builders finish 9.8% more homes
* UK: Mortgage lending hits 33-year low
* UK: Redrow downbeat on market
* CZ: Immorent CR lays cornerstone
* UK: Repossession orders climb by 17%
* CZ: Three bidders for Rohansky ostrov
* UK: Halifax confirms price fall
* UK: Prices down 1% y-on-y
* US: House prices show steep fall
* UK: Prices slow down
* CZ: J&T to invest 90bn
* US: Home sales at 16yr low
* CZ: ING profits up 44%
* US: Prices continue to fall
* CZ: Prices grow fatest in Ostrava
* US: Manhattan prices defy trend
* CZ: Property seizures up
* CZ: Central Park Praha
* CZ: Volksbank profit up 80%
* UK: Housing gloom
* CZ: Building output up 11.5%
* CZ: Building societies loan CZK 17.5bn
* CZ: Land speculation blossoms
* UK: Warnings over mortgage lending
* US: Foreclosure bill passed
* CZ: Finep start huge Prague project
* US: Further house price falls
* UK: House prices drop sharply
* UK: Abbey pulls 100% mortgages
* CZ: Inflation & Unemployment down
* US: Rust belt put on housing bill
* US: Late payments at record high
* CZ: HSBC courts Czech millionaires
* CZ: Czech rates stay at 3.75%
* CZ: UK Mortgage squeeze to get worse
* CZ: Czech managers 34th best paid
* CZ: Manhattan prices reach record
* CZ: Rich Czech's flood Sumava
* CZ: Czechs buy record airline tickets
* CZ: Raiffeisenbank, eBanka profits up
* CZ: Czech Banks profits up 24%
* CZ: ECM profits exceed expectations
* CZ: Record CZ income tax revenue
* CZ: Internet Ad spending up 70%
* CZ: Orco profits up to 3bn CZK
* CZ: ECM profits up 28%
* CZ: Skoda sales up 39%
* CZ: Developer VGP 2007 profits treble
* CZ: Brno get ratings up grade
* CZ: Record CZ card payment growth
* CZ: GDP at 82% of EU level
* CZ: Allianz net profit soars 54%
* CZ: Guests at luxury hotels up 11%
* CZ: Current account CZK 4.8bn surplus
* CZ: Foreigners boost accommodation
* CZ: Tourism revenues rise 7.3% in 07
* CZ: Wages rise 7.3% in 07
* CZ: Car sales rise 13% in Feb
* CZ: ECM trebles profit
* CZ: Firms pay av wages over 100,000
* CZ: Prague Europe's 3rd best retail city
* CZ: Cesk nets CZK 12.15bn in 07
* CZ: Czechs demand better facilities
* CZ: Demand for homes still high
* CZ: Komercni Banka profits up 21%
* CZ: Staff in car industry up at 124,000
* CZ: Banks compete for millionaires
* CZ: Bonatrans Group sales up 17% 07
* CZ: Koreans to invest billions of CZK
* CZ: Austria's VIG comes to Prague
* CZ: KB's net profit up at 10.8bn 07
* CZ: Telefnica O2's 07 profit 9.5bn
* CZ: Prague Household debt tops 900bn
* CZ: Prague skyscrappers
* CZ: Tourist numbers up 3.8%
* CZ: CZK 10bn spend by Hyundai
* CZ: Prague Houses on Letna plain
* CZ: Prague 38% uplift in homes 07
* CZ: Prague 12th richest region in EU
* CZ: eBay comes to Prague
     


International Property News



UK repossession of homes up by 12%


21st November 2008

The number of properties repossessed by mortgage lenders rose by 12% to 11,300 in the third quarter of the year, the Council of Mortgage Lenders (CML) said.

The number of borrowers in arrears also went up compared with the previous quarter, by 8% to 168,000.

The number of repossession orders made by the courts in England and Wales rose by 3% to 29,516 in the same period.

The figures suggest that many more people are likely to lose their homes as the economy falls into recession.

"The government is taking action to protect the most vulnerable families from repossession," said the Housing Minister Margaret Beckett.

"[This includes] a new court protocol to make sure lenders are exploring all avenues before making a claim in the courts, a 200m mortgage rescue scheme, more free legal representation in county courts, and more free debt advice."

Worsening picture

Repossessions have risen as more people struggle to meet their mortgage repayments as low-interest rate deals come to an end and unemployment rises.

CML director general Michael Coogan said his organisation's forecast of 45,000 repossessions this year had not changed in the light of the latest figures, but it would be "premature" to predict what might happen in 2009.

He said it was not generally in lenders' interests to repossess properties and the government needed to play its part with measures to ease the situation in the Chancellor's Pre-Budget Report.

"Conditions in the wider economy suggest a worsening picture for mortgage arrears, however carefully lenders handle their treatment of borrowers in difficulty," he said.

Buy-to-let

The CML figures suggest that life has suddenly become tougher for buy-to-let (BTL) landlords as arrears among them are now higher than among mortgage borrowers generally.

"Reasons include falling rents and an over-supply of rental property in some areas, resulting in some landlords being unable to let their property or achieve high enough rents to support their borrowing commitments," the CML explained.

Derelict house

It is difficult to predict what might happen in 2009, the CML says "Fraud is also likely to have been a contributory factor," it added.

The figures show that 1.58% of BTL loans were now behind with repayments in the third quarter of the year, compared with 1.44% of all mortgages.

However the number of BTL landlords who saw their properties repossessed was, at 900, just the same as in the first and second quarters of 2008.

They amounted to just 0.08% of all BTL mortgages, compared with the slightly higher repossession rate of 0.1% for all mortgages holders.

The CML warned though that this lower BTL repossession rate "is unlikely to be maintained".

Court action

The Ministry of Justice (MoJ) figures - also released on Friday - reveal the situation earlier in the repossession process when lenders first go to court for permission to take back a mortgaged property.

The figures for England and Wales show that repossession claims - the first stage of the process - were 1% lower than in the second quarter of the year at 38,511, but 9% higher than the third quarter last year.

However the number of court orders then being made by county court judges was up 3% over the quarter, putting them 24% higher than at the same stage last year.

Not all of these will lead to actual repossessions - nearly half were suspended - as an agreement is often then reached between the lender and the borrower.

Simon Rubinsohn, chief economist at the Royal Institution of Chartered Surveyors (Rics), said that he doubted repossessions had peaked, even though the number of repossession claims had fallen.

Claims will rise as people lose their jobs and buy-to-let landlords face rising mortgage costs and falling rents, he said.

Last slump

While the number of homes being seized by lenders has started to rise steeply in the past few years, they are still nowhere near as high as in the depths of the last property slump in the early 1990s.

The number of repossessions this year now stands at 30,200.

This is higher than the 26,200 for the whole of last year, and far higher than the figure of just 8,200 in 2004.

By contrast 75,500 homes were taken back in 1991.

Adam Sampson, chief executive of Shelter, said: "Lenders may claim they are using repossessions as a last resort, but they must not pat themselves on the back too soon as both repossessions and arrears are still continuing to rise."

About 5,000 properties a week are being put up for sale by people struggling with their mortgage repayments, the National Association of Estate Agents (Naea) said, also on Friday. A survey of its members reported that more than half said at least 20% of their clients had been forced into the sale by financial difficulty.

"It is those homeowners who were on cheap fixed-rate mortgage deals who cannot replace them and are struggling with the rise in repayments," Naea chief executive Peter Bolton King said.

Source: BBC News
Sim Property Live Chat