Debt 'forcing homeowners to sell up'
Debt 'forcing homeowners to sell up'
Monday 24th November 2008
In a survey conducted by the National Association of Estate Agents (NAEA) for the Times, over half of the country's agents said that at least 20 per cent of the sellers on their books are "forced downsizers".
This means they have resorted to selling their property as a last resort after struggling to manage their household debt.
According to the newspaper, the figures indicate that each week at least 5,000 homes are put up for sale for this reason.
Chief executive of the NAEA Peter Bolton King explained: "It is those homeowners who were on cheap fixed-rate mortgage deals who cannot replace them and are struggling with the rise in repayments."
Earlier this week, the Times stated that IVAs can help people in difficulty to reorganise their finances without enduring the "stigma" of declaring bankruptcy.
News article brought to you by SimpleIVA – UK IVA specialists.
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