Wednesday, Jan 24, 2007
2007 House Repossessions set to be 3X 2004 level
Guardian: Interest hike set to increase home repossessions
About 19,000 homes are likely to be repossessed this year - more than three times the number seized in 2004 - and first-time buyers appear most vulnerable, according to RIC's a leading property trade body.
Posted by enuii @ 08:38 PM (148 views) Add Comment
5 Comments
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1. denzil said...
It's a slow old process but bit by bit the market is unravelling.
2. Converted Lurker said...
very naughty this by RICS, yes it may triple but not due to defaults from recent FTBs, far more likely bigger mortgage holders or BTL investors
3. Cheekie Charlie said...
I worked in properties in possestion for the former Leeds Permanent/ Halifax Building Society in 1995 to 1996 repossessing properties from people and selling them in a hurry for the first person to put in a stupid offer. We then forwarding a letter to the victim demanding they cough up the shortfall as well as the society/solicitors fees or we'd take them to court. It wasn't until 1997 until things started to stabilise and calls went out that this should never be allowed to happen again!!!
I also recall that each branch had an upper lending limit and the pressure was on each month not to breach this limit, this has has been replaced with pressure to outperform other branches by lending as much as you can!!! Thank god I got out of the torid business - it will be much worse this time though!
4. inbreda said...
FTBs aren't at risk, it's people who stupidly overstretched themselves - a group that includes FTBs.
5. Chillilizard said...
so the repossessions are at 17000 and were at 6800 two years ago, but no need to worry: during the last crash home repos reached 75500 at its peak.
Obviously we haven't crashed yet. Hmmm. So when we reach 75500 hopefully RICS will be there to tell us we reached this point, and... yes there appears to be a crash..
Hopefully then I'll get my thumb out my ass and realise the mistake I made.
doh!!!!!!!!!