The rise in house repossession figures has prompted a backlash against the Queen of property, TV\’s Kirstie Allsopp.
As house repossession figures continue to rise, some critics have turned on TV’s property gurus, Kirstie Allsopp and Phil Spencer. The pair have been blamed for encouraging buyers to purchase property at prices beyond their means, distorting the market. House prices have now been estimated to be 30% too high, and the inflated prices means more homeowners who did overstretch themselves are now finding their homes vulnerable to house repossession. Allsopp has gone from being ‘the nation’s favourite godmother’ according to one newspaper report, to the ‘witch who pricked the housing bubble.’.
House Repossession Figures: the Backlash
House repossession figures have risen drastically as debt and negative equity grip the UK. But in an interview with the Telegraph newspaper, Allsopp said the hike in property prices was not her fault. She insists the property market is still good to invest in: “It is good to buy, we shouldn’t forget that. It’s not irresponsible or selfish to want a roof over your head for your family.” But going through house repossession can be devastating for families emotionally and physically. Losing the family home however will be a growing reality across the UK as house repossession figures are set to soar.
House Repossession an Increasing Threat
Allsopp is cynical about a property crash adding “so-called” as a prefix to the phrase. But the reality is house repossession is rising, but in the Telegraph interview she did admit there will be victims: “Many will have been irresponsible, but there will be some desperately sad stories, often combined with family breakdown from people who were lent too much by the banks.” House repossession is a very real threat for those homeowners whose mortgage repayments have climbed – selling fast or downsizing could be the only real way out to stop house repossession for some. The Council of Mortgage Lenders say the number of repossession orders in the first quarter of 2008 is 9% greater than the end of 2007 – a 17% rise in the space of a year. The end of affordable fixed rate deals is mostly to blame, and it isn’t just those who earn a low wage who are struggling; debt charities say middle classes are increasingly seeking financial help as their heavy mortgages begin to hit hard.
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