Millions set to lose their home?
As the ‘credit crunch’ media hype goes into overdrive the papers were reporting that almost 2 million people in the UK were stuggling to pay their mortgages. In the early 90’s a record breaking number (hundred of thousands!) of home owners lost their homes due to the devaluation of the pound and rising unemployment.
With few people taking the option of mortgage insurance or employment insurance there are more people than ever at risk of losing their home…
This is not taking into account the fact that there are more people in the UK than ever with the population rising by almost 10 million in the last 10 years and the fact that mortgage lenders untill recently were handing outcrazy mortgages to anyone who applied.
I’m probably not alone in thinking that the media played a part in the so called ‘credit crunch’ hyping the thing untill it turned into what they wanted. If the news has negative news about house prices every night people are less likely to move home meaning sales will be down. It’s probably not what Gordon Brown needed but he is a victim of the reletaive success of the last 10 years inflating property values beytond sustainable levels.