Confidence in UK housing market reaches five year low
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Confidence in the future performance of the UK housing market has reached a five year low
House Prices to Fall
According to a survey of British adults carried out by the Halifax, one in five people now expects UK house prices to fall in the next 12 months, with confidence lowest amongst those living in London.
The fall in confidence comes as a looming rise in the cost of borrowing as the Bank of England prepares to raise interest rates, with a rate rise predicted for as soon as November. Inflation is also rising, putting increasing pressure on household finances and impacting on housing affordability, with rail wages falling by 0.4% in the three months to August.
According to the survey, a third of current mortgage holders are worried that a rise in interest rates will impact negatively on their ability to keep up with their monthly repayments.
The decline in confidence in the housing market and the growing pressure on household finances will be worrying for homeowners currently struggling with negative equity or arrears. Inflation and any increase in the cost of borrowing could affect their own ability to keep up with their mortgage or pay off arrears, while selling their house to help deal with their debts could become harder if potential buyers put off purchasing a property.
| How we can help
If you’re struggling with negative equity or a mortgage you can’t afford, we can help.
At Negative Equity UK, our team of property debt specialists offers a range of possible solutions based on your individual situation. Whatever your circumstances, the process starts with a case review. We will obtain all of the original documentation on your mortgage from your lender so we can assess your needs and work out the best way for us to help you.
We don’t adopt a one size fits all approach to helping our clients. Instead, we offer bespoke solutions based on your specific needs and circumstances.
Many people need to sell their house in order to deal with their debt. In this case, we can arrange a shortfall sale and negotiate with your lender in order to write off as much of the remaining debt as possible, leaving you with a much smaller amount left to pay.
In September alone we wrote off a total of £1,287,323 of unaffordable mortgage debt for our clients.
If you’re in arrears on your mortgage, or you’re trapped in a property in negative equity and you need to move on take a look at our reviews and contact us on 0161 631 2727 or fill out a contact form on our website and we will arrange a call back and start the process of dealing with your property debt.