Repossession fears plague homeowners
The prospect of enduring a home repossession is weighing heavy on the minds of many London property owners, a new study has found.
One in five homeowners are worried about repossession as the credit crunch, high inflation and a dramatic property downturn combine to create a myriad of woes for owner occupiers.
Credit reference agency Equifax revealed that 38 per cent of property owners would voluntarily give up their home if they fall back on repayments, suggesting that demand for flats to rent in London looks set to rise.
"The credit crunch is taking its toll on homeowners," asserted Neil Munroe, external affairs director at Equifax.
Alluding to high proportion of people who have bought property for sale in London but now seemed resigned to having it repossessed, he said such a move was "very drastic" and should only be taken as the "very last resort".
According to the Council of Mortgage Lenders, 27,100 homes were repossessed last year - the highest annual number since 1999.
Published 18th June, 2008
© 2008 Estates IT Limited
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The prospect of enduring a home repossession is weighing heavy on the minds of many London property owners, a new study has found.