Bog Roll ::

It's Not Magic, It's Work!

14 Apr 2008

House Repossession

As the credit crunch intensifies and house prices drop through the floor along with our currency I'm starting to see more vacant houses on my way to and from work. The property pages advertise more and more properties that have "no chain" or "agent has keys".

Some houses are empty because the occupier has died, or the owner has given up on renting and is trying to cash their house in before prices really hit the bottom, but quite a lot are repossessions.

I feel sorry that someone is unable to pay their mortgage and has their house taken away from them but at the same time I've been living in rented accommodation for the past 10 years because I couldn't afford to buy a house near my job.

A conservative estimate puts UK house prices falling 10% per annum for the next two years. Various other bodies have suggested that a up to a 50% price reduction is required to bring house prices back in line with incomes. I don't mind how much they fall specifically but a sizeable reduction would cheer me up no end.