Negative equity is back
Negative equity is back with over 3.5 million people unable to move home due to falling house prices, high bank charges on fixed rate mortgages and the fall in the number of mortgages granted in 2009. A further 2 million people have less than 10% equity in their property, meaning that 1 in 10 of the UK population is stuck where they are for the moment!!
With figures like that its no wonder the property sector is finding life so hard, unemployment and repossesions adding to the woes of the public.
Unemployment has reached 2.44 millions up 220,000 which is a 14 year high! The brittle recovery in the property market will be reliant on public confidence and higher mortgage lending.