Home repossessions treble

The number of Londoners who face having their homes repossessed has trebled in five years, according to figures released today.

In 2001, just 1,854 homeowners were taken to court by banks or building societies after failing to keep up with repayments.

But by last year, that figure had risen to 6,661. Experts blamed the rise on 'irresponsible' lenders and spiralling house prices that have forced some buyers to borrow many times their annual income to secure a home.

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Finances 'Forcing many to live with parents.

Adults are being forced to move back in with their parents due to rising houseprices and soaring levels of debt, research showed today. An estimated 4.3 million single people aged between 25 and 50 have moved back to the family home after being unable to afford to live alone, according to dating firm Parship.com.

Four out of 10 single people said high house prices meant they were unable to buy their own place, while 'unrealistic' rents on one-bedroom apartments meant they could not even afford to rent.

Others cited the amount of unsecured debt they had taken on as being the main obstacle to their independence. More than half of all singletons who live with their parents owe between £10,000 and £20,000 in unsecured debt, and 21% owe between upto £50,000 through credit cards, overdrafts and loans. The research found that just 42% of single people in the UK lived by themselves, compared with an average of 56% across Europe, rising to 81% inSwitzerland. A further 3% of single Britons admitted that financial constraints were forcing them to continue living with former partners.

Men are more likely to live at home than women, with 26% of single men livingwith their parents, compared with just 15% of women.

If you want to see just how much house prices have increased over the last few years go to >>>

A Guide for First Time Buyers

The soaring price of property in the UK has made it more difficult for would-be first-time buyers to finance buying a home.

There’s no point searching for the house of your dreams if it’s out of your price range.



1. Raising The Funds

2. Buying New Builds

True First-Time Buyers In Decline

Although the headline figure says 40 per cent of all sales are to first-time buyers, the real figure is closer to 20 per cent, says the Nationwide...

Would-be homeowners struggling to get a foot on the housing ladder must be a bit baffled when they read that first-time buyers (FTBs) account for 40 per cent of all housing transactions.

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Lenders try to lower the ladder

For those rare individuals who are not busy watching the World Cup every night, now is the traditional house-buying season. But it is not only the lure of watching football in the pub that is putting off first-time buyers. Affordability problems are making increasing numbers opt to continue renting or stay at home with mum and dad.

In a recent report into young-adult home ownership in the UK, the Council of Mortgage Lenders concluded that more 'flexible' options needed to be devised by lenders and the government to help young people on to the housing ladder.

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New Monopoly Game Reflects Today's House Prices

A new version of Monopoly has been launched to reflect the changing face of property prices in the capital.

The updated board game shows cost of living change since the original game was launched more than 70 years ago, manufacturer Parker said.


Old Kent Road and Park Lane have disappeared from the new version to makespace for newcomers such as Bishopsgate and Knightsbridge.

Oxford Street is the only survivor from the original game - costing £3 million compared to the previous £300.

Parker worked with property website Rightmove.co.uk to assess property prices in a 'scientific' way. They drew up a list of two potential London landmarks for each square of the board game.

Members of the public then voted for their favourites. Wapping, Primrose Hill and Brixton Hill are three other newcomers on theboard. Kensington Palace Gardens, priced at £4 million, takes over from £400 May fair as the most expensive slot on the new board. Parker spokesman Chris Weatherhead said: 'By working with Rightmove we have taken a scientific approach to the board but I'm sure there will still be plenty of discussion around the new properties. 'Called Monopoly Here and Now, the new game takes over from a limited edition game of the same name which went on sale last summer.

Versions of the original Monopoly board game are still on sale, a spokesman added. The property market has changed tremendously since the Monopoly board was first launched and we have set out to reflect this with the new board. 'The new board game is on sale at Woolworths.

Housebuilders Look Forward To Rising Property Prices

Finance Correspondent Housebuilders expect the price of new homes to soar by 10% during the coming 12 months as confidence returns to the property market, a survey showed today.

Seven out of 10 builders expect the cost of property to increase during the next year, according to property website SmartNewHomes.com. The group said builders' optimism followed steady increases in house prices since the start of the year, and was also a direct result of increasing demand for new homes. But it added that most housebuilders thought affordability would be the most important issue facing the new homes industry in the near future.

David Bexon, managing director of SmartNewHomes.com, said: 'Recent reports indicate that the housing market is recovering, and we hope to see a year of steady and sustainable growth ahead. 'We are very aware that affordability is an important issue, in particular for first time buyers, and I would strongly agree that the Government's competition for a £60,000 house could steer developers in the right direction, offering a more affordable solution for some buyers. 'I would also advise buyers who may be struggling to afford a new property to consider the other alternatives on offer.

One option is to consider shared equity, this is available from housing associations and some developers and helps buyers to take the first step onto the property ladder.

Choosing the right home

Whether you're a house-buying novice taking your first tentative step on to the property ladder or an old hand seeking the perfect home for your retirement, the same principles apply.

The golden rule is that you need to achieve the right balance between affordability, availability and suitability. >>>

Housing market boom for county

The housing market in Norfolk is continuing to boom with estate agents reporting record levels of business.

Further evidence of the county's buoyant property sector came as a national report by the Alliance and Leicester which showed that the number of people planning to buy a new home had doubled since January.

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Is commercial the way ahead?

Our love of bricks and mortar has helped to rekindle an interest in investing in commercial property such as shops, offices, factories and warehouses.

The rewards can be attractive and renegotiating a lease, getting the right tenant, or winning approval for new planning consent, can help the value of a shop or office to leap overnight.

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Bag a bargain at auction

Intrepid homebuyers are increasingly seeking to beat high house prices and snap up property going under the hammer.

Auctioneers are reporting a rapid growth in interest, both from those hoping to enter the buy-to-let market and others seeking a home to live in, mostly because Britain's massive £1 trillion consumer debt has led to an increase in home repossessions.

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May house price growth 'sluggish'

UK house price growth was "sluggish" in May, according to the latest survey from the Nationwide Building Society.

Prices rose by only 0.2% this past month, pulling back the annual rate of house price inflation from 4.8% in April to 4.7% in May. More from this story >>>