Allied to this, with fewer bank and other lenders willing to provide mortgages, bleak times look to be ahead for the UK housing market. With such high risks associated with the current financial climate, lenders are becoming increasingly cautious as to whom they will allow to be granted a mortgage – making it extremely tough for first time buyers to break onto the housing ladder in 2012.
Tuesday, 20 December 2011
Bleak Outlook for 2012 as Home Repossessions Set to Rise
With an increasing number of people facing long-term periods out of work and with more and more people facing the pressures of making ends meet, the Council of Mortgage Lenders (CML) has suggested that house repossessions are looking likely to increase in the new year. This spells an extremely gloomy outlook for many homeowners in the UK. Estimates suggest approximately 45000 properties may be at risk of repossession in 2012 – around a 5th higher than this year.
Allied to this, with fewer bank and other lenders willing to provide mortgages, bleak times look to be ahead for the UK housing market. With such high risks associated with the current financial climate, lenders are becoming increasingly cautious as to whom they will allow to be granted a mortgage – making it extremely tough for first time buyers to break onto the housing ladder in 2012.
Allied to this, with fewer bank and other lenders willing to provide mortgages, bleak times look to be ahead for the UK housing market. With such high risks associated with the current financial climate, lenders are becoming increasingly cautious as to whom they will allow to be granted a mortgage – making it extremely tough for first time buyers to break onto the housing ladder in 2012.
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