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Realistbear

Repossession Rate In West Country Double National Average

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http://www.westpress.co.uk/displayNode.jsp...;pNodeId=150714

WEST JUMP IN HOMES REPOSSESSED

BY JOHN "Foxyboy" FOX-CLINCH DEPUTY BUSINESS EDITOR
08:00 - 01 September 2007
Increase in houses sold at auction is
twice national average
as rising interest rates start to take effect
Ahuge rise in repossessions has boosted South West property auctions to their highest levels for more than two years.The Royal Institution of Chartered Surveyors (RICS) said yesterday that 377 West homes were auctioned from April to June - a 46 per cent rise on the previous quarter and 47 per cent up on a year ago.
The regional increase was twice the national average - showing that West homeowners are struggling to pay for their properties in one of the least affordable areas in Britain.
The South West contains some of the most expensive housing in Britain - yet average wages are well behind levels in the South East.
Nationally the rise in auction sales was 22 per cent.
RICS warns that conditions will get worse
as the impact of five interest rate rises and financial turmoil on global markets continues to bite...../
There were also high levels of auction activity in the South East, London and the West Midlands.

As so many predicted, its all ending in tears. Funny how they blame IR increases though? Seems to me its more like houses being TFE* and no wages to support them.

_______________

* Too flippin expensive

Edited by Realistbear

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http://www.telegraph.co.uk/news/main.jhtml...1/nhomes101.xml

Home repossessions 'to soar as rates rise'

By Ian Cowie, Personal Finance Editor

Last Updated: 1:56am BST 01/09/2007
The number of repossessed homes is set to double to more than 45,000 next year as mortgages become more expensive, the Royal Institution of Chartered Surveyors (RICS) predicts.
Many homebuyers are struggling to cope with five interest rate rises during the past year and
2.8 million others are thought to be coming to the end of their fixed-rate mortgages before the end of 2008,
according to the Council of Mortgage Lenders (CML).

I think its fair to say Great Crash 2 landed by the 2nd Q of 2007 but it looks like 2008 will be the year when the real* demolition work will begin.

_________________

Drops exceeding 20%

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Guest barebear

I bought a flat in north Devon and sold it 2 years later in 2004 for a very tidy profit ! While I was down there I tried to find work , there was very little and most people that I met were on the minimum wage,there were a lot not working.I consider myself very lucky that I sold that flat.They just dont earn the money down there to pay these high prices, end of !

N.B. I sold my flat to a girl from Brixton.

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we've had similar stats to these before for the SW, but its getting worse.

Priced-out locals stretching beyond their means to buy somewhere to live. Second home ownership has destroyed the region and the people that live there. Something has to be done about this.

perhaps there will be an uprising. now that would be fun

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Guest AuntJess

The SW is the favourite "bolt-hole" for people from the SE, especially London. It is they who have hiked up prices to a ridiculous level. As they seem willing to attain a particular house at any price, the EAs down here have been quick to pick up on this and make them pay. Sadly they have poisoned the well for people from every other county, including their own! They commonest accent I here around here is London..often Cockney, with a smattering of West Country, but the latter are over 50 usually. Not many young'uns down here. :(

One young woman I know who is a cleaner is living in a caravan and since her old car gave up the ghost she has to go by bus or on foot, often walking miles when the work she does is off the beaten track. She is a Devonian, so I think it is a bit thick that she cannot afford to live in the place she grew up in.

I often talk to my neighbours and the tale they ALL tell is that they :

- are disgusted with the greed which drives people to hike up prices so much.

- confess that they could not afford to move here NOW - as they moved in about 10 years ago or longer, before the madness took hold.

Edited by AuntJess

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i live in plymouth - whilst prices have stabilised over the past few months, after stellar incraeses - they are not really falling - but the pay down here is **** - 20k is considered a decent wage and you are looking at 200k for a 3 bed semi estate house - it is a nice place to live though and a fair bit of regeneration going on too...

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The SW is the favourite "bolt-hole" for people from the SE, especially London. It is they who have hiked up prices to a ridiculous level. As they seem willing to attain a particular house at any price, the EAs down here have been quick to pick up on this and make them pay. Sadly they have poisoned the well for people from every other county, including their own! They commonest accent I here around here is London..often Cockney, with a smattering of West Country, but the latter are over 50 usually. Not many young'uns down here. :(

One young woman I know who is a cleaner is living in a caravan and since her old car gave up the ghost she has to go by bus or on foot, often walking miles when the work she does is off the beaten track. She is a Devonian, so I think it is a bit thick that she cannot afford to live in the place she grew up in.

I often talk to my neighbours and the tale they ALL tell is that they :

- are disgusted with the greed which drives people to hike up prices so much.

- confess that they could not afford to move here NOW - as they moved in about 10 years ago or longer, before the madness took hold.

I understand and respect the problems you face. However, there's also another side to it.

As a Londoner approaching retirement I'm looking at property in Dorset and Devon. I generally view places that are owned by locals (or the sons and daughters of deceased locals), and they'd always be very willing to take my London money in exchange for their Devon land. I'm not aware of any examples of homes where the local vendor has marketed the property with an alternative lower price just to fellow Devonians, or has put in place a covenant ensuring that the property can only be sold to a local first time buyer or a local tennant farmer. Where I have encountered "agricultural worker covenants" these have ALWAYS been installed by local councils, generally in return for granting planning permission for yet another £500k+ barn conversion elsewhere on the land.

So although the situation you describe is both true and regrettable, it's a not a wrong done to locals by outsiders, it's a situation in which the locals have been eager and willing participants.

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As you are approaching retirement have you considered just who is going to provide you with the services you want/ need as you age?

In parts of Devon and Dorset there are towns and villages where 80- 90% of the population is over 60.

What happens when all these retires need health care, social care and service industries- none of the people young enough to deliver these services can afford to live in these "grey ghettos".

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As you are approaching retirement have you considered just who is going to provide you with the services you want/ need as you age?

In parts of Devon and Dorset there are towns and villages where 80- 90% of the population is over 60.

What happens when all these retires need health care, social care and service industries- none of the people young enough to deliver these services can afford to live in these "grey ghettos".

Then it's no different to Richmond where I live now, no one earning less than about five times the national average can afford to live there either!

Edited by silver surfer

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