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House Repossessions In Ni Rising

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House repossessions in NI rising

House prices

House prices and repossessions are rising

There has been a steep rise in house repossessions in Northern Ireland, according to the latest figures.

In the last year there were 2,600 cases of lenders seizing back property - an increase of 60% from five years ago.

Ursula Toner from the Housing Rights Service said much of it is due to people borrowing against their homes to pay off other debts.

"We unfortunately see a number of clients securing loans against their property," she said.

"If you default on a secured loan you could be at risk of losing your home.

"I think there is a general issue within Northern Ireland of perhaps aggressive marketing tactics by lenders and perhaps people who are already in debt being targeted by such companies."

BBC NI business editor James Kerr said house prices were rising and so were other bills.

"I think prices have risen sharply and mortgages have bottomed out which means homeowners are spending more of their income than ever on their mortgage," he said.

"But according to housing advice workers that is not the real problem - which is that people's other debts are catching up on them."

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Considering NI has had the highest growth in house prices in the last couple of years the problems faced by people living in that region must be a great deal worse than experienced in the rest of the UK

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Northern Ireland house prices are completely off the scale already. Then you get the 'property correspondent' Helen Carson of the Belfast Telegraph reporting that prices are set to rise another 30%. This would make the average house price more than Scotland, Wales and all of England except the south-east and south west. All this in a region where the average wages is £22Kish a year. I wish that women would stop popping down to the nearest estate agent for the ‘market view’.

Investors in NI seem to think this is some mega economy that's been produced out of the peace process - not the most heavily subsidised by government in terms of employment (72% of GDP!) and truly oddball schemes (£3 million to paint over Loyalist murals with more neutral ones for example!) Pull the rug away and then let's see how well the economy actually functions.

What's really sad is the fall out from debt and repossessions - the stuff they don't advertise on 'Bank of Northern Ulster' ftb loans and the like. I've actually heard from a reliable source that there have been cases of loans 10 time salary. I know of as a fact 7 times. Madness and for what exactly?

Edited by The_Equalizer

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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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