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Realistbear

London Property Repossessions Up 300%

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http://www.thisismoney.co.uk/mortgages/art...e_id=8&ct=5

Home repossessions treble

Mira Bar-Hillel, Evening Standard

27 June 2006

THE number of Londoners who face having their homes repossessed has
trebled
in five years, according to figures released today.
In 2001, just 1,854 homeowners were taken to court by banks or building societies after failing to keep up with repayments.
But by last year, that figure had risen to 6,661. Experts blamed the rise on 'irresponsible' lenders and spiralling house prices that have forced some buyers to borrow many times their annual income to secure a home.
The figures, revealed in reply to a parliamentary question asked by the Liberal Democrats' London spokeswoman, Lynne Featherstone, are
based on the number of people losing repossession cases in London's county courts
.

And the HPC party has only just begun? :o

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I like this bit: 'She urged ministers to crack down on lenders who loan ' irresponsible' sums of money'

:lol: Nothing to do with irresponsible borrowers then. :rolleyes:

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I like this bit: 'She urged ministers to crack down on lenders who loan ' irresponsible' sums of money'

:lol: Nothing to do with irresponsible borrowers then. :rolleyes:

You can;t have irresposible borrowers without irresponsible lenders.

Some poepl are naturally stupid, some naturally greedy, some easily led in to believe what they want to believe, some get spooked into borrowing ever larger amounts to "get on the ladder".

I don't think there is any case to not lay the main blame on the lenders and the BOE for their rank stupidity in providing the low fuel and allowing this to get out of control, not once, but twice.

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Ultimately the blame lays at the door of the man who engineered the Miracle Economy fuelled by cheap credit that even the most illiterate economist would know had to some to an end eventually. And ended it has and now its time to start paying for all that cheap money with higher IR. If we avoid recession and a serious HPC that would be truly miraculous.

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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