Rate of repossessions growing as debt problems mount, charity finds
A home is repossessed every ten minutes in the UK, fresh statistics have revealed.
Charity Credit Action found that mounting debt problems are contributing to people losing their houses as it released its monthly report.
The average household was found to be £9,500 in debt, but this figure rises to nearly £60,000 if mortgages are included.
Those concerned about the findings who are looking for somewhere to live in London may opt for flats to rent in Walthamstow, in order to avoid taking out a mortgage and adding to debt problems.
According to Credit Action, one person is being declared bankrupt or insolvent every 4.5 minutes, while one in 33 people currently in work are expected to be unemployed by the end of 2009.
Recent Land Registry figures indicated that the value of property in London fell by 16 per cent over the last year, which could mean that those who have opted to buy houses or flats are facing the additional problem of negative equity.
Published 1st April, 2009
© 2009 Estates IT Limited
London Rental Property News By London Borough / Category
Latest London Property News Headlines
Southwark to get Dickens statue
People in flats to rent in Southwark may be pleased to learn that the local council plans to install a commemorative statue installed between Blackfriars Road and Union Street to celebrate the English novelist Charles Dickens' 200th birthday.
Read Article ... Published on 9th February, 2012
Bexley highlights progress on local Olympic planning
People occupying flats to rent in Bexley have been assured that the local council is making good progress in getting ready for the forthcoming 2012 Olympic Games in London.
Read Article ... Published on 8th February, 2012
Colindale's Grahame Park area in line for regeneration funding
New flats to rent in Colindale could be created if Barnet Council succeeds in efforts to obtain new funding for the regeneration of Grahame Park.
Read Article ... Published on 8th February, 2012
Council announces new parking plans for Fulham
People seeking flats to rent in Fulham will be able to benefit from expanded parking facilities thanks to a new package of measures from the local authority.
Read Article ... Published on 7th February, 2012
Bromley Council approves funding for Biggin Hill Heritage Centre
People occupying flats to rent in Bromley will welcome news that £64,000 has been allocated for the development of the new Biggin Hill Heritage Centre.
Read Article ... Published on 7th February, 2012
Harrow unveils new budget plans to modernise local services
Those occupying flats to rent in Harrow have been promised that local services will be protected or improved under new plans from the regional council.
Read Article ... Published on 6th February, 2012
Borehamwood park to compete for Green Flag Award
People living in flats to rent in Borehamwood will see their local Aberford Park compete for a Green Flag Award once again this summer.
Read Article ... Published on 6th February, 2012
Plans for new Highbury Roundhouse developments outlined
People in flats to rent in Highbury have seen plans to redevelop the current site of the Highbury Roundhouse community centre take another step forward.
Read Article ... Published on 3rd February, 2012
Improvement programme to be launched for Ruislip Manor shops
Those occupying flats to rent in Ruislip are set to benefit from a new scheme that will improve the look of shops in the Ruislip Manor area.
Read Article ... Published on 3rd February, 2012
South Kensington's revamped Exhibition Road officially opens
Demand for flats to rent in South Kensington could be set to rise following the official opening of the revamped and redeveloped Exhibition Road area.
Read Article ... Published on 2nd February, 2012
A home is repossessed every ten minutes in the UK, fresh statistics have revealed.