Sunday, Oct 19, 2008

Negative equity 'affecting 60,000 families a month', report reveals

Telegraph: Negative equity 'affecting 60,000 families a month', report reveals

More than 60,000 families a month are now falling into negative equity, as the collapsing housing market wipes thousands of pounds off the value of homes.

Posted by mark @ 08:08 PM (915 views) Add Comment

8 Comments

1. sosoon said...

"We need a more responsible approach to repossessions," Ms Cooper said.




Talks: Yvette Cooper is demanding fewer home repossessions from non government banks



It’s very important for the stability of the country that the government have the first option to reprocess hard working families. Independent banks that refused government takeover; will have to wait until all the value of the housing stock has been extracted. It is a disgrace that independent banks think they can repossess before government.


Sunday, October 19, 2008 09:03PM Report Comment
 

2. mark wadsworth said...

If we go with our consensus forecast of an average 42% fall in house prices from their peak, spread over four years, and the Bank of England's statistics from the start of this year on loan-to-value ratios, then 60,000 per month seems about right. We should end up with about 3 million mortgages under water, give or take.

Sunday, October 19, 2008 09:04PM Report Comment
 

3. mark wadsworth said...

Sunday, October 19, 2008 09:05PM Report Comment
 

4. it_is_going_with_a_bang said...

Promises to help from a government that hasn't paid a a penny to my unemployed brother since he lost his job in July.
The reason ultimately being that he owed them £23. Which I paid back with my debit card.
Nearly 4 months and not a penny has been received from her majesty's thieves. So don't hold your breath everyone!!!

Sunday, October 19, 2008 10:13PM Report Comment
 

5. george monsoon said...

And the government is so quick to take from us in a way we cannot fight or argue.

CSA - case in point.. I need go no further with this one. Its a very personal bitter thing.

Sunday, October 19, 2008 10:41PM Report Comment
 

6. stillthinking said...

Lest we forget, they either have to pay the money or get repossessed. There are plenty of people out there who don't own houses. The only alternative would be, obviously, to let them have them without paying.
I am worried how far the government will go down this road, property is unfairly allocated as things are i.e. if you obtain a subsidised council place in London it is yours for keeps. If the people who borrowed are assisted then the FTBs saving up for a deposit are the sorriest saddest lot in the UK.

Sunday, October 19, 2008 10:48PM Report Comment
 

7. inbreda said...

What they should do is give every BTLer a million pounds for, errrmmm, being clever? Clearly they want property to be a one-way bet.

Fortunately reality bites. All government meddling will just make the problem much worse. Much, much worse. We should all be glad that the government employs complete fuggwits like Yvette Cooper. She will make sure that prices drop at least another 40%. I might even send her a box of chocolates in the post.

Monday, October 20, 2008 09:49AM Report Comment
 

8. Chilli said...

Hmm 3 million mortgages under water? 60 million people... If each house has one occupant, that's 5% of the country. What's the average number of home dwellers in this country? 2, 3?

Monday, October 20, 2008 09:57AM Report Comment
 

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