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Friday, 2 October 2009

Top 10 Areas Most At Risk From Repossession, And What This Means For House Prices!

The government has identified 22 of the UK’s hotspots for repossession in an attempt to target help and support to struggling home owners. They will attempt through media and press to stress the importance of seeking advice at the early stages of repayment difficulties.

The most at risk areas were identified as:

Barking and Dagenham Birmingham
Bolton Cannock Chase
Corby Halton
Kingston-upon-Hull Knowsley
Liverpool Manchester
Newham Northampton
Nottingham Reading
Redditch Salford
Sandwell Sunderland
Swindon Walsall
Wigan Wolverhampton

How does this affect the housing market and house prices?

The Government has applied a lot of pressure to mortgage lenders to use repossession as an absolute last resort. This has no doubt limited the number of house repo’s in the short term but it is only deferring the problem. At some stage a proportion of these homes will have to come to the market through repossession. Increased public sector redundancies and increases to interest rate are a likely trigger and with the massive national debt build up this now seems inevitable!

The impact of high levels of repossession within an area effects more than just those who lose their homes. The flooding of the market by discounted property following repossession means that all prices on the market are forced to shift down to compete with the discounted pricing. Many are now predicting that this could lead to a secondary House Market Crash in the coming year, so now could be the last chance to sell their house.

Want a Quick House Sale? Quick Move Now can Help!

If you are in mortgage arrears or are facing repossession then selling your house quickly could be the best option to get your finances and life back on track. If you wish to learn more about our service visit our repossession page or contact us to discuss our Quick House Sale service in more detail on 0800 068 3366.