June 19, 2008

Housing sector looking worse

It has been said that we are looking at a situation that could be worse than in the late 1980’s when the property market was certainly dire! But without have to seem too of a doom and gloom merchant but things could be the same or worse.

According to the Building Societies Association, the rescue plan that the Bank of England’s is not going to work and the recovery that the £50 billion was supposed to jump start the recovery, but is seems to have had little or no effect.

With mortgage repayments set to rise, even though interest rate have fallen slightly the Royal Institution of Chartered Surveyors (RICS) are already estimating that there will be around 45,000 home repossessions this year, a staggering 123 every single day!

Source [Choose Money]