123 homes to be repossessed every day in 2008 state National Homebuyers
Many people will be fighting to avoid repossession in 2008, according to the Royal Institution of Chartered Surveyors (Rics).
[UKPRwire, Fri Dec 28 2007] The organisation has published its housing market forecast for the year ahead, stating that it believes 123 people will be repossessed each day throughout the year.
That amounts to 45,000 people having their homes repossessed, up on the 30,000 figure from this year.
An additional 15,000 people will be struggling to avoid repossession and the global credit crunch is cited as the main factor behind the projected rise.
Simon Rubinsohn, chief economist at Rics, said that 2008 will be a "difficult year for the housing market".
He also pointed out that the effects of the global credit crunch are unlikely to disappear over night.
"The effect of the credit crunch will dissipate slowly meaning that those seeking to obtain finance in the first half of 2008 may struggle," added Mr Rubinsohn.
Avoid repossession expert Julian King adds, "National Homebuyers have saved hundreds from repossession this year.
"As our analysts continue to predict upwards of 15,000 more repossessions next year, we feel that people are not educated enough in the options available to them.
"We have one simple message: act quickly to save your home. We offer a series of mortgage rescue schemes that can prevent your home being taken away".
Mr King is a director of National Homebuyers, the UK's leading fast property purchase firm, guaranteeing to make an offer on any property in the UK, regardless of its condition or location for vendors who need a quick sale. The company also offers a Sell and Rent Back mortgage rescue scheme for homeowners who want to release equity in their homes.
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