December 19, 2008

Don’t blame the estate agents

Who is to blame for the current housing crisis? Like with any crisis there is always someone to blame but in this there are many angles to the story and they all seem to be blaming each other.

The banking sector has taken the main hit for allowing people to borrow money that clearly they had no hope of paying off, but the people that applied for the mortgages knowing full well that they would be struggling are also to blame.

The government have to take their fare share of the blame too; the signs were out there for all to see. Surely, their advisors and experts could what was happening, but no everyone appeared o put their heads in the sand and hoped that everything would blow over.

Now we find ourselves in a situation where negative equity and repossessions are the keywords of 2009.

Source [UK Housing]