More UK homeowners could be wise to opt for a sell house for cash scheme as a chief economists predicts British property owners will take the biggest hit of the global credit crunch.
It’s yet another blow for property owners in Britain, alongside news that prices have fallen at their fastest since 1990, a chief economist from Goldman Sachs has predicted that Britain’s property owners will bear the brunt of the global credit crunch as the City slows down, and the economy limps on. A sell house for cash scheme could in fact be one fast way out of the impending doom. Jim O’Neill from Goldman Sachs, was quoted in The Times newspaper saying that because the UK relied heavily on financial services, homeowners were “..in the eye of the storm of a deleveraging world economy.”
Sell House for Cash – Surviving the Slowdown
Mr O’Neill is respected thanks to the fact he predicted the American sub prime housing crash. The fears are a percentage of struggling UK homeowners will be forced into sell house for cash schemes. Mr O’Neill added: “House prices are going to go through negative changes … It’s going to be a challenge for UK policymakers.” The forecast that 40,000 jobs could go in the City not only impacts on Londoners who work in the financial capital, but the whole of the UK’s economy. As the UK economy slows the housing market will grind to a halt; the sell house for cash schemes are bound to be inundated with desperate homeowners struggling with escalating debt.
UK Debt puts pressure on Sell House for Cash Schemes
Although Mr O’Neill has said he believes the emerging markets in China, Brazil, India and Russia will counteract the global credit crunch and balance out the US slowdown, he believes UK homeowners will be heavily hit. Victims of the economic climate may have to opt for a sell house for cash scheme to avoid repossession and address growing debts. The vision could well be that the previously well-off economies of American and the UK could take a backseat to India and China in the not so distant future.
Speak To Network Property Buyers about a Sell and Rent Back Scheme
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