Repossessions to rocket in 2009

Posted: 30 Dec 2008 06:56:28 GMT

            Property News - Repossessions to rocket in 2009

The number of repossessions predicted for the coming year continues to look bad as the recent publication of research from homeless charity Crisis provides a particularly bleak outlook.

The research, supported by a YouGov online survey of over 2,000 respondents, found that almost one in ten Britons are now concerned over whether or not they will be able to pay their mortgages or rent in 2009, highlighting the possibility that repossessions could rise significantly in the next 12 months.

As the rate of job redundancies also continues to weigh heavily on the property market, it is difficult to see a light at the end of the tunnel for struggling homeowners.

"These figures are a stark warning for 2009," explained Leslie Morphy, chief executive of Crisis, in a Sky News report.

"The economic downturn is hitting the poorest the hardest. Our fear is that as the recession bites in the new Yyear we are going to see more people in the same situation as those relying on our Christmas centres today."

Many may choose to sell a home to avoid negative equity, and those that do may achieve a better price selling a home online, as more potential buyers could see it when compared to traditional estate agents.

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