Cebr predicts repossessions spike |
28 2008 |
| A leading economic consultant has warned that home repossessions could rise by 23 per cent in 2008. It is yet another piece of news which is likely to encourage people to rent a property rather than by one. With the global credit crunch affecting many people's finances and mortgage deals becoming more expensive, the Centre for Economics and Business Research (Cebr) has forecast a sharp rise in repossessions. It anticipates that 33,400 people will lose their home this year. "The stark rise in repossessions forecast shows why the chancellor and the Bank of England are so keen to sort out the problems in the wholesale financial markets," said Cebr's managing director John Ward. "Unless or until this tap of mortgage finance starts to flow again, the outcome will be a reduction in house prices and an increase in repossessions," he added. The figures are likely to encourage many people into renting a property rather than buying one and risking having their home repossessed.  |
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