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Property legal services news
Popularity of equity release expected to soar
18 August 2010
Energy efficiency ratings to be made compulsory
17 August 2010
Nationwide rate rise 'could amount to breach of contract'
2 August 2010
One-fifth of landlords saw arrears in past quarter
27 July 2010
Scrapping landlords' regulation reform 'is short-sighted'
23 July 2010
Housing supply boosted after removal of Hips
22 June 2010
Cable: UK faces repossession time bomb
01 July 2009
Liberal Democrat Shadow Chancellor Vince Cable has warned that the UK faces a repossession time bomb if figures are not addressed. Speaking at the Westminster Hall debate on housing repossessions, he said the government's Mortgage Rescue Scheme had so far proved ineffective in addressing the problem.
"Helping just six families is absolutely pitiful and doesn't even begin to address the scale of the problem," he told delegates. Red tape is preventing people from being able to stay in their homes, Mr Cable suggested, and some people believe they are entitled to mortgage support when in fact they are not.
He also predicted soaring levels of repossessions as the unemployment rate continues to rise, accusing government schemes of deferring the problem rather than offering a solution. "If interest rates start to rise next year, the problem will become even more severe," he added.
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