A story reported in the Times Online says that LloydsTSB and Royal Bank of Scotland are selling their repossessed property to subsidiaries rather than on the open market in order to avoid incurring huge losses. The susidiaries pay a ‘fair’ price for them and the hope is that these properties will be sold once the… Read More
House Repossession Rises 2008
8 August 2008 By 2 Comments
House repossession has shown a sharp rise once more to 18,900 in the first half of 2008 in the UK, mostly due to tighter lending criteria by mortgage lenders and the global financial crisis. As a result of these factors, the number of house repossessions is up 41% on the previous 6 months, and up… Read More