The house repossession risk hasn’t been so high since the dark days of the early 90s. But statistics from 2007 show that particular areas are more at risk in the UK – and it’s these areas that might want to consider investigating a quick house sale scheme. A fast house sale specialist can buy property fast for cash stopping house repossession in its tracks.
Statistics show that Wales has been particularly hard hit by a rise in house repossession orders. The Citizen Advice Bureau believes this is due to the fact interest rates shot up, combined with homeowners who were given poor financial advice taking on sub-prime mortgages and loans and over-borrowing to get on the property ladder. The years of easy credit meant obtaining a large mortgage was not difficult, but now the financial bubble has burst, the downward spiral has begun, with more house repossession orders than ever.
As over a million people come to the end of their fixed-rate mortgage deals in 2008, house repossession orders are expected to get worse. Repossession orders don’t always end up with the homeowner losing their home; there are more alternatives available with fast house sale schemes or sell house, rent back options that can bail out homeowners in arrears.
The figures however are startling with thousands facing house repossession. Shelter Scotland, the homeless charity, has said it has been overwhelmed by queries as homeowners face house repossession orders. The number of house repossession orders in Scotland increased to more than 4,000 in 2006, and it’s expected to be far worse in 2008. The charity witnessed a 42% increase in traffic to its website as more homeowners sought out advice on mortgage defaults and house repossession.
Other vulnerable groups include those who bought city centre development properties. A report shows that the number of homeowners facing house repossession orders in Nottingham rose by 50% in the past year. The figures were from the Royal Institute of Chartered Surveyors, who said the increase was “quite alarming”.
Network Property Buyers are a nationwide network of highly experience property professionals with impeccable ethics and standards regarding the quick sale of property. Network Property Buyers are pleased to make highly competitive offers on any standard of property and will be able to complete the transaction within a timeframe to suit you. If repossession or change of circumstance has you needing to sell your house fast, then Network Property Buyers have the ideal solution. Offering a friendly, transparent and totally confidential service is crucial to Network Property Buyers success. To find out more, simply call 0800 0828468 or email email@example.com.