Tuesday, June 10, 2008

“Britain’s first large-scale outbreak of negative equity since the great property crash of the early Nineties”

Thousands face negative equity crisis

"The negative equity warning comes from the Council of Mortgage Lenders, which says 23,200 homeowners across Britain bought flats or houses with no deposits in the year to the end of March. Of these, about 3,000 would have been in London. Most of these properties are likely to have fallen in value since the purchases were completed."

Posted by confused76 @ 11:50 AM (748 views)
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5 thoughts on ““Britain’s first large-scale outbreak of negative equity since the great property crash of the early Nineties”

  • They are still trying to disguise the grim truth by suggesting this correction will not be as bad as last time because unemployment is low. I thought that unemployment rose after house prices start to drop,so actually saying that unemployment is low now and therefore the correction will be mild is misleading. They are sweetening up the reality by suggesting it is only those who bought in the last year with one hundred percent or 110 percent mortgages who will be in peril. Ahhhh! I suspect but cannot prove there will be more than 23,000 who are already in negative equity.and unfortunately many more to come. Aggravating article!

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  • the haunted says:

    If people are so stupid as to get loaded up to the hilt with debt in a bubble then it serves them right. You made you bed, now you can sleep in it.

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  • I know a guy who bought a flat at the very top of the market. After the mortgage,ground rent (how the phuck did they pull that one off) council tax,bills etc he has enough money for basic food, that’s it. A very slight and I mean slight change in his circumstances and he’s in big trouble. He was no buffer zone or assets other than the flat.

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  • I have posted a fresh article on this topic – basically the CML are saying that the BBC have spun the figures the wrong way (LOL)

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