Wednesday, May 28, 2008
Worse than 92
Daily Mail: Repossessions crisis 'could be worse than 1992'
More homebuyers are at risk of losing their homes than during the property bust of 1992, new research says.
A report published by insurance giant AXA yesterday said as many as 1.8million buyers will be struggling to cover monthly repayments by the end of this year.
The figure is 200,000 higher than in 1992, when the country was gripped by recession, rising unemployment and mortgage interest rates of 15 per cent.
Posted by doomwatch @ 01:39 PM (526 views) Add Comment
2 Comments
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1. lvmreader said...
This would only be a surprise to the clinically insane.
2. it_is_going_with_a_bang said...
The supposed value of property is at an all time high way way above what anyone could call an average and the reason being fundamentals - apparantly.
Hmm what about the fundamental issue of not being able to afford it no matter what.
Gordon Brown is responsible. Full stop. Thats what government is for. When it gets worse ( thats not and if ) everyone will begin to see him as a complete idiot. Thankfully.