As the recession digs in schemes to achieve a speedy house sale could intensify in the south of the country as well as the north
Economists are all agreed on one thing – that the recession Britain is currently gripped by is unlike any previous economic slump experienced in the UK. Before those facing repossession or bankruptcy were in dying trades and industries in the northern part of the country, impacting heavily on working class communities who depended on those industries. Now, it is the rich south that is being hit hard. Sell house quick schemes, repossession rates and personal insolvencies could rise across the south.
Getting a House Sale Down South and Quickly
The finance, leisure and retail sectors are the ones being hardest hit. Those whose livelihoods depend on these industries, from the chief executives down to the shop floor staff, could find themselves facing financial troubles. Economists say London and the south will bear the brunt of this recession. And the middle classes will be hit hard. Although perhaps it's expected there will always be a sell house quick market for the financially vulnerable in our society, this is the first time it's expected more middle and upper-class sectors will step forward for a scheme to sell quickly to avoid repossession.
Downturn in the City Impacts on Repossession Figures
The downturn in the financial capital of the UK means a whole range of companies that rely on the equity market will struggle. The big-money deals that the hospitality industry relies on for example will dry up, and a spate of unemployment and liquidations are expected. For the victims, a fast sale scheme may be a viable alternative to repossession. One economic advisor at the Ernst and Young Item Club told the Guardian newspaper: "It's definitely a south of England thing. The downturn is in the City, most obviously. The initial shock hit anything to do with the credit markets; but we're now looking at a second leg, which is to do with the collapse in share prices."
Going South: Selling Quickly in Difficult Times
Those at risk to sell house quick schemes are homeowners who work in the financial sector whose jobs are directly at risk, or who have to face a large cut in salary. Buy-to-let-landlords and anyone else dependent on the housing market, such as estate agents, are at risk. And service industries that boomed as a result of a healthy and profitable housing market and financial sector will struggle. Sell house quick schemes may offer a temporary solution for those homeowners who need some financial breathing space during the economic downturn. And for some, it could be one of the few viable alternatives to having their home repossessed.
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