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The Perils of the Property Ladder: Has Anyone Noticed the Silence?
There was a time when every conversation was focussed on property and every other TV programme was about property makeovers. Everybody wanted to get into property and those already on the ladder seemed fixated on becoming wealthy overnight. Remember those media-nominated millionaires who bought property for thousands and sold it for a million? How excited we all were, rich - with hardly any effort. But recently it's been rather quiet. Those who have yet to buy their first home have become sceptical, if not bored by chasing impossibly affordable homes and those who have bought property have become nervous, if not by the commentary that house prices are falling, but by the fact that they have bought property on top of other debts and the realisation that repayments are becoming more difficult. According to the Department of Trade and Industry, bankruptcies are still on the increase, up almost a third on the previous year. In the latest debt statistics by Credit Action, UK economist Vicky Redwood from Capital Economics states that the level of personal debt is at breaking point: "It is unlikely that the numbers have peaked but we estimate that households must be feeling the pain of borrowing too much. People are paying the equivalent of about 20 per cent of their disposable income on interest and debt repayments - the highest since 1990." In a survey by the Citizens' Advice Bureau (CAB), the three most common reasons for debt problems were quoted as: * Sudden change in personal circumstances - resulting typically from job loss, relationship breakdown or illness; * Low income - the consequences of living for a long time on a low level of income; and * Over-commitment - in some cases related to money mismanagement. It is the third reason that is often highlighted in the context of mortgage borrowing. In a press release regarding the Chancellor's proposals to introduce cheaper mortgages, Keith Tondeur, Director of Credit Action warned that: "At first glance the offer of help to first time buyers sounds useful. However this scheme comes at a time when after several years of steep rises the market is cooling. One question that we should be asking is whether this is being done to keep the housing market buoyant so that people feel confident and therefore keep on spending". "House prices are undoubtedly too high for many people to afford which explains why numbers of first time buyers have been falling, with the average age of a first time buyer rising sharply. This scheme could therefore, if care is not taken, create a false market and lead to first time buyers taking on a large amount of long term debt that they could well struggle to repay." The seduction of the property market may cause a vicious circle of debt: if people borrow more than they can afford, they may damage their credit record if repayments cannot be met. An adverse credit record will brand the borrower "sub-prime", and is likely to prompt less favourable credit options later in life. It is true that products such non-standard mortgages, adverse loans and adverse credit cards serve a purpose, but their rates will always be less favourable than standard products. In addition to self-inflicted debt, it is also possible for your credit record to be manipulated by other parties. In June earlier this year, Callcredit issued a warning to guard against identity fraud when moving house. "Homeowners who fail to check their credit file before they move and register themselves on the Electoral Roll once they have moved are at risk from: * Identity fraud - a fraudster could obtain enough financial information about you from your rubbish to run up debts at your old address without your knowledge. People who just cut up cards and don't tell their lender are particularly at risk from this type of fraud. * Credit refusal - a person's credit history has to add up to the lender when you apply for credit, if you don't appear on the Electoral Roll at your current address it will make it more difficult to get credit." If you're thinking about buying a house, try the following sites for starting your own detective work in finding a good mortgage: * Make sure your credit record is in good shape: ( http://www.checkmyfile.com/ ) * Don't be lazy, shop around for the best mortgage: ( http://www.moneynet.co.uk/ ) Make sure you keep your finances flexible; ensure you know what you can afford and for how long you can afford it. What was the best mortgage, current account, ISA account five years ago, may not be performing as effectively now. About Rachel: Rachel writes for the personal finance blog Cashzilla: http://www.cashzilla.co.uk Cashzilla is a personalfinanosaurus. "Rachel" means sheep in Hebrew: "little lamb" or "one with purity". Cashzilla means financially savvy with great fiery ferocity.
MORE RESOURCES: Stately Massachusetts Castle Just Outside of Boston Has Price Slashed to $12.5 Million - Realtor.com The 36 Top L.A. Real Estate Agents of 2025 The Hollywood Reporter Should You Invest in the TIAA Real Estate Account (QREARX)? The White Coat Investor Real estate sales in Peoria, Tazewell and Woodford counties for September 13, 2025 Peoria Journal Star FirstTeam expands; new teams at RE/MAX, Real, The Agency, CB Real Estate News by RealEstateNews.com UA Real Estate Program Named for Birmingham-Area Developer UA News Center Agent Spotlight: Mark Bott The Grand Junction Daily Sentinel OT Real Estate Spotlight of the Week: 1913 Celebration Circle The Owensboro Times 5 Simple Ways to Invest in Real Estate Investopedia Jon Broden joins Stifel as Financial Advisor, Transitioning from Real Estate to Wealth Management Grand Forks Herald Will Mortgage Rates Drop Below 6% This Month: September 2025 Forecast Norada Real Estate Investments Anniversary lessons for real estate and life Orange County Register The Michael Houck Real Estate Guide for September 14th Oil City News Alexandria Real Estate: Why This REIT Remains A Top Pick Seeking Alpha Former San Francisco Giant Hunter Pence Lists Newly Built Malibu Mansion for $39 Million Realtor.com Mortgage Rates Predictions Next 90 Days: October to December 2025 Norada Real Estate Investments WEF: Why Real Estate Decarbonisation Needs an Energy Focus Energy Digital Magazine Dodge County Real Estate Transfers Fremont Tribune Real Estate 101: The freedom to interfere The Rome News-Tribune For value hunters to millionaires, these CT towns are on the hottest real estate run in 2025 CT Insider The best asset money can buy. Why Bitcoin beats gold, stocks and real estate: Money Talks Cleveland.com EG Real Estate: 20 New Listings & 2 Sold East Greenwich News Today’s Mortgage Rates – September 13, 2025: 30-Year FRM Drops by 6 Basis Points Norada Real Estate Investments Household Real Estate Asset Values Reach New High Eye On Housing Adams using November's ballot proposals to hand over the city's future to the real estate lords, by Phyllis Eckhaus Red Hook Star-Revue Listed for $3 million, a Raleigh ‘dual-era’ dwelling lands on Zillow Gone Wild Raleigh News & Observer Lessons From Ellen DeGeneres' $190 Million Home-Flipping Hobby-5 Key Takeaways - Beaumont Enterprise Lessons From Ellen DeGeneres' $190 Million Home-Flipping Hobby-5 Key Takeaways Beaumont Enterprise Mortgage Rates Predictions for 2025 and 2026 by Fannie Mae Norada Real Estate Investments VERSATILE REAL ESTATE COMPANY Waco Tribune-Herald Mortgage Rates Today: 30-Year Fixed Refinance Rate Goes Down by 11 Basis Points - September 13, 2025 Norada Real Estate Investments Small Florida town attracts athletes, stars but it's not Miami or Palm Beach. See where Treasure Coast News Real estate transfers: Jackson Township, Canal Fulton properties sell for more than $1M Massillon Independent Zillow challenges Compass’ request to depose co-founder Real Estate News by RealEstateNews.com Real estate group acquires Eastern Animal Hospital for $7.75M Maryland Daily Record Real Estate Transfers: Sept. 11, 2025 The Suffolk Times South Suburban College’s C3 Program Expands Offerings with New Real Estate Course and Additional Learning Opportunities GreatNews.Life Dallas’ Milestone Group Closes $1.1B Real Estate Investors Fund Dallas Innovates The Pipeline: Commercial real estate roundup for 9.12.25 Richmond BizSense Week-in-Review, Sept 8-12: Publicly Traded Companies, Real Estate, Small Businesses and More Biz New Orleans GJARA: Mesa County, a magnet for movers? The Grand Junction Daily Sentinel Hilco Real Estate Offers Two Hilton-Branded Hotels for Sale in Meridian, Mississippi: Investment Opportunity with Ongoing Renovations and Modern Amenities in the US Travel And Tour World Six Chattanooga-area real estate agents fined by state Chattanooga Times Free Press Real Estate Troutman Pepper Locke Real Estate Professionals West Newsmagazine Real Estate Notes: North Gulch hotel project plan progresses Nashville Post Compass (COMP): Assessing Valuation Following Ethan Glass’s Appointment as Chief Legal Officer simplywall.st Fond du Lac County property sold for $3.2 million in real estate transfers for Sept. 2-5 fdlreporter.com Dawson County weekly real estate transactions, Sept. 12 Central Nebraska Today Westmoreland County Real Estate Transfers The Latrobe Bulletin Best Real Estate Projects 2025: Northgate Industrial Park The Business Journals I’m a Real Estate Agent: These 5 Features Can Bump Your Home’s Value by at Least $10K GOBankingRates Real estate sales in Jefferson, Bullitt and Oldham counties for Feb. 24 to March 2, 2025 The Courier-Journal UA celebrates a major gift by Rance Sanders to Culverhouse College of Business - The Tuscaloosa News UA celebrates a major gift by Rance Sanders to Culverhouse College of Business The Tuscaloosa News |
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