The Lib Dem leader Nick Clegg has claimed that house repossession orders are now at 100,000 – the same as they were during the economic slump in 1990.
House repossession is a hot topic as the UK totters on the brink of recession. So much so, that Liberal Democrat leader Nick Clegg announced: “Home repossession orders now stand at 100,000, the same as they were in 1990.” If true, the claim is a scary one. In the 1990s, interest rates went into double digits forcing thousands of people to lose their homes to house repossession. They were dark days, but is house repossession really such a threat? And if so, is it on the same terrible scale as 1990?
House repossession – the risks
The facts speak for themselves: in 1990 there were 103,508 repossession orders, in 2007 there were 95.374 repossession orders. The figures may not match but they are too close for comfort, and many analysts predict 2008 will get worse. But the difference between the two eras is the fast house sale market. In the 90s, the fast house sale market had barely begun. Today there are specialist rescue property sites that will buy you home fast for cash in order to stop house repossession in its tracks. The number of repossession orders and the actual amount of repossessions (a repossession order does not always result in actual repossession) reveals how the fast house sale market could have made a significant difference. In 1990 the actual number of repossessions was around 40,000, and in 2007 the number of repossessions was 27,000. Even if the number of repossession orders increase in 2008, homeowners now have more options available to them to stop house repossession.
Areas at Repossession Risk
There are areas in the UK that are more at risk to house repossession than others. Reports suggest that Wales is particularly at risk. The number of repossession claims has risen and the Pembrokeshire town of Haverfordwest has witnessed the biggest proportional rise in house repossession orders – a massive 127% rise in claims were made in the last three months of 2007, compared with the same period in 2006. Across Wales the percentage of house repossession orders rose by 36%. An increase in interest rates was thought to be partly to blame. Debt charities also blamed the fact many homeowners were encouraged to borrow more than they could afford, or given poor financial advice.
Speak To Network Property Buyers if you are concerned about house repossession
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