Negative equity concern growing, study finds
The sharp fall in property prices seen over the last year has left homeowners genuinely concerned about negative equity, a survey has revealed.
Fairinvestment.co.uk found that 25 per cent of mortgage holders are worried about the prospect, as they have watched the value of their home sink.
Chartered financial planner at the site Sharon Bratley noted that the government help that has been announced so far is unlikely to be enough to relieve the stress for many people.
"Our results show that as house prices continue to fall, a large number of mortgage holders are becoming worried about their position," she said, adding that an increase in repossessions and the flow fall of mortgage rates are adding to the problems.
Those looking for somewhere to live in London may wish to rent a house or flat in order to avoid the possibility of negative equity.
The research follows Firstrung's observation last week that first-time buyers will still need to build up a substantial deposit to obtain a mortgage, despite the government's latest initiatives.
Published 27th January, 2009
© 2009 Estates IT Limited
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The sharp fall in property prices seen over the last year has left homeowners genuinely concerned about negative equity, a survey has revealed.