The need to stop repossession is more pressing as the combination of debt and the credit crunch is impacting on all sectors of society.
The need to stop repossession used to be primarily one that hit the poorest in our society. Property has been viewed as akin to owning your own personal treasure chest; an investment that has integral wealth and something that will accumulate wealth over the years. Property has become more than a roof over our heads, but is seen as a pension, a financial safety net and even a bank account we can access (to release equity). Now, plummeting property prices alongside growing personal debt means the books are no longer balancing.
Stop Repossession – A House of Cards
The idea that bricks and mortar equates to wealth and stability is now proving wrong. The property market is more like a house of cards – ready to be blown down by an icy blast of economic instability. More homeowners are looking for ways to stop repossession risks, as economists predict that property prices were over inflated over the past decade by as much as 30% or more. The plummeting prices are now considered necessary in a market that is correcting itself. The over inflated prices have been blamed on a collective hysteria of housing – a trend that began with Margaret Thatcher in the seventies encouraging home ownership for all. Homes in the UK are literally our castles – but the collective desire for property is now crumbling as mortgage miseries increase.
Stop Repossession – The Affluent are Hit Hard
Now, property no longer represents security, but can cause deep anxieties. High mortgage rates are pushing many homeowners in the UK to the brink of affordability. Small debts are spiralling into big, unmanageable debts, and the need to stop repossession is increasing. The BBC recently reported that debt charities are experiencing unprecedented demand for help from the most affluent parts of the UK. More professionals are unable to stop repossession as their debts become too much to cope with. Areas in Sussex and Cheshire have witnessed a 100% rise in debt inquiries in the past year. The middle class are now experiencing huge debts. A change in circumstances can leave many with huge mortgage repayments for their huge homes. Affluent lifestyles demand affluent salaries, and the credit crunch is ensuring for some, their incomes are being drastically hit. One debt advisor told the BBC that the need to stop repossession was traditionally one that impacted on people who opted for sub prime mortgages. The advisor, Jamie Elliott, told the BBC: "Since the credit crunch started, they [debt charities] are seeing a big increase in professional people and homeowners coming to seek help, who have just been pushed over the edge and now can't cope with their outgoings."
If you want to stop repossession, contact Create Real Estate