Recently published figures suggest that in 53% of British cities and towns the average price of a home is less than in 2007 when pre-recession prices peaked.
Negative Equity UK know all about the stress and strain this has created for individuals, couples and families. Each day they deal with ordinary people affected by the crash and try to help them rebuild their lives.
They do this by negotiating on their behalf with lenders and creditors to write off debt or providing alternative solutions to their problems. Negative Equity UK are experts at what they do and in view of the legal and financial complexities arising from such matters, that is the level of help people need.
In England it is the north which borne the brunt of the UK’s post-credit crisis slump in property prices. All but three of England’s 20 worst-affected towns and cities are in the north-east, the north-west or Yorkshire and Humber. Negative equity has hit these three regions particularly hard.
Take the north-east of England as an example.
In 2007 the average house price in Sunderland was £115,654. Today the average house price in Sunderland is £86,219. That is a drop of 25.5%.
In Gateshead the average price of a house in 2007 was £118,303. The 2016 figure is £96,805, which is some 18.2% less.
In 2007 house prices in Stockton-on-Tees averaged £134,514. Today’s average is £111,158, a drop of 17.4%.
Newcastle-upon-Tyne has suffered too, with the average house price down by 12.7% from £140.191 in 2007 to its current level of £122,451.
Anyone living in the Newcastle, Sunderland, Gateshead and Stockton-on-Tees areas will know, from painful personal experience, how this feels.
The story in neighbouring Yorkshire and Humber is no better. Here Middlesbrough (-28.4%), Bradford (-19.8%), Hull (-19.3%), Doncaster (18.6%) and Rotherham (-15.7%) qualify for inclusion in the Top 20.
In the north-west Blackpool (-29.4%), Blackburn (-24.6%), Liverpool (-23%), Bolton (-19.3%), Preston (-17.4%), Rochdale (-15.3%), Southport (-14.2%) and Salford (-12.5%) all have the misfortune to figure, too.
Those who had the misfortune to buy at the peak of the property price boom have suffered most as a result of negative equity and property debt.
In real-life terms this translates as human hardship and misery. That is the property debt reality with which Negative Equity UK strive to deal.
If you are in negative equity, be assured that you are not alone. Know, too, that you are not to blame for the fact that you are in negative equity. You are a victim of circumstances which were far beyond your control. It was others, in positions of authority and with major decision-making powers and responsibilities, who messed up, not you. For that reason you are entitled to help and support in getting out of the mess they created. Negative Equity UK are on your side.
Of course, negative equity is only a problem for those who need to sell. This need can be attributable to any number of factors or reasons. It may boil down to having simply outgrown the once-adequate family home as a result of the arrival of children. Others have lost their formerly well-paid job and are unable to keep making those once-affordable monthly mortgage repayments on a home now beyond their means.
Divorce – the outcome in over 40% of today’s British marriages – often leaves couples having to sell.
The need to move may be as a result of illness. Or a bereavement which has left the surviving partner in an expensive-to-maintain home that is too big for their needs. Any of those factors can lead to us HAVING TO SELL. It is not a choice, it is a necessity.
But what can you do if you are in negative equity, have property debt or mortgage arrears?
You can contact Negative Equity UK – who are Financial Conduct Authority licensed and regulated – to set up a free appointment with one of their team of experts. They will assess the precise nature of your current position, attempt to find out what exactly you want to do and then set about creating the means whereby your objective is achieved.
Yes, negative equity is a huge problem in the north-east. But it is not insurmountable.
If you hail from the north-east – Newcastle, Sunderland, Gateshead or Stockton-on-Tees in particular – the major towns and cities of Yorkshire and Humber – Middlesbrough, Bradford, Hull, Doncaster or Rotherham – or the north-west’s Blackpool, Blackburn, Liverpool, Bolton, Preston, Rochdale, Southport or Salford, and you have negative equity or other debt-related problems, get in touch with Negative Equity UK Now.