Mortgage woes hit 6m Brits
Millions of people who have invested in property for sale in London and elsewhere are struggling to meet repayments.
That's according to a news study by hosing charity Shelter, which warned that six million families are experiencing mental health problems as a consequence of high property costs.
The worsening economic climate is also afflicting people who have sought out property to rent in London, though analysts say it is owner occupiers who are bearing the brunt of the downturn.
Adam Sampson, Shelter chief executive, commented: "Our new report and campaign show just how difficult it is for ordinary people to cope with spiralling housing costs, and how desperately unaffordable housing has become.
"People are going to extraordinary lengths to ensure they pay their rent or mortgage, but the affects of stress or depression, having to sell possessions or deprive the kids of treats can be devastating to family life."
Bank of England governor Mervyn King confirmed this week that consumer purchasing power is set to fall further throughout 2008, and he said the property market would be one of the worst hit sectors.
Published 20th June, 2008
© 2008 Estates IT Limited
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Millions of people who have invested in property for sale in London and elsewhere are struggling to meet repayments.