Sunday, Aug 06, 2006

Is chaos an adequate description?

Firstrung: The rise in; repossessions, bankruptcies, IVAs, arrears, unemployment...what more is required to added to the overall chaos?

The number of properties taken into possession by UK mortgage lenders has risen to the highest level in five years, figures released by the Council of Mortgage Lenders has revealed. This information crystalises a week of bad news were the level of IVAs and personal bankruptcies reached alarming levels.

Posted by converted lurker @ 03:57 PM (576 views)
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3 Comments

1. cyprus paradise said...

In addition to higher interest rates, 100% increase on some utility services ie Gas, Electric plus higher taxes now biting courtesy of Mr Browns's Budget, not to mention pound per Ltr Petrol. Did i mention record credit borrowings!! Although at the last crash Norman Lamont / John Major did manage to get interest rates up to 13% this crash will have the same hallmarks, which is making sure joe public is in debt. Excesive interest rates or higher tax + utility + credit borrowing = same result CRASH. If you can and want to escape leave, sell up now. We joined the European Community = Freedom of movement goods and services throughout the EU. I moved to Cyprus 18 months ago, average home 85,000 CY pounds, Lowest tax in EU, Private Kids School 3,000 pa, 5% tax on pensions, No Death duties, Petrol 52p Ltr, lowest crime in EU (3% of UK), 330 days sunshine pa. I have 5 bed house swim pool + live in maid / cook, not possible in blighty, if your bright / Educated and have an asset to sell in UK leave now. But don't expect to work for someone at 5 pound hr, drive your own future.

Monday, August 7, 2006 06:44AM Report Comment
 

2. Retiredbanker said...

Well there should be plenty of cheap properties available in Cyprus as most of the former inhabitants are
now in the UK.

When I was an assistant manager at a branch of my bank in N. London 40/50% of our customers were
Greek/ Turkish Cypriots, plus a considerable contingent from Greece, Egypt,Lebanon, etc.
Whilst on holiday in Cyprus almost everyone I spoke to had relatives in London, and I was certainly made
very welcome. I would agree that it would be an excellent place to live ( apart from the annual slaughter
of migratory birds ).

However having the Turkish army in N. Cyprus is a definite downside, and should they decide to expand
southwards, then things might not be so rosy.

A villa belonging to a cousin of mine and her husband is now part of a Turkish military base, and the
possibility of them receiving financial compensation seems to be somewhat unlikely.

Monday, August 7, 2006 09:58AM Report Comment
 

3. Sloth said...

cyprus paradise,

Thanks for your post! I've been looking for somewhere to flee.

Monday, August 7, 2006 10:49AM Report Comment
 

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