London Sees Highest Level Of Repossessions On Homeowner Loans
Although the UK is officially out of recession and the economy is starting to show some signs of positive growth, we are still a long way from being out of the woods as far as individuals struggling with their home owner loans and other debts, goes.
Despite encouraging news that the housing and home owner loan markets are growing, with continued low interest rates from the Bank of England and new home owner loan and mortgage products entering the market on a daily basis, many borrowers are still struggling to maintain their loan repayments and are continuing to build up severe loan arrears and face possible repossession.
A recent survey has revealed that London is currently suffering from the highest level of new repossession cases on home owner loans than any other town or city in the UK, with around 166 per cent more properties repossessed than the second place city, over the course of the first three months of this year.
The survey, conducted by Spicerhaart Corporate sales also found that London was followed in second place by Birmingham, then Manchester, Liverpool and Belfast to make up the top five cities for repossession cases.
Mark Pilling of Spicerhaart Corporate sales said “While we may now officially be out of the recession, the after effects of the downturn continue to make themselves felt in many parts of the country. Repossession numbers continue to rise in city centres where home owners have been hit hard by unemployment, increasing inflation and falling house prices.”
“In order to help these home owners recover as much of the value of their loans as possible, it is important that possession sales are managed quickly and efficiently, which is why using a specialist asset manager such as ourselves can help speed the process along and relieve the pain for all parties concerned.”
