Recent figures and surveys suggest that unemployment is set to keep rising in the New Year and that poverty in the UK is as prevalent now as it was in 2000, with unemployment and home repossessions rising since 2004.
A recent report by the New Policy Institute shows that a whopping 13.4 million people in the UK now live in low income households earning less that 60% of the national average salary and the poverty threshold for a family of four now stands at £14, 560. The number of jobless people is at its highest since 1997 and current stats show that 2, 247 people will get made redundant every day in December whilst 1000 people a day will seek some form of formal debt rescheduling plan.
These startling figures inevitably lead to repercussions for homeowners struggling to deal with mounting debt and employment risks. 128 properties were repossessed every day during the last 3 months and it is estimated this number will increase to approximately 132 a day. Traditional ways of selling a house can seem impossible at a time when money is desperately needed to cover outgoings and a quick property sale is needed, especially when homeowners are more likely to have negative equity. There are numerous ways of trying to prevent the risk of repossession but if things are too far down the line then it might be an idea to sell house for cash and avoid the despair and hopelessness that over-indebtedness can bring.
Thu, Dec 10, 2009
Mortgages