500,000 households in negative equity

first_imgSunday 12 December 2010 11:28 pm 500,000 households in negative equity Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoBetterBe20 Stunning Female AthletesBetterBeUndomoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comUndoAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteUndoDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’DefinitionUndoZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen HeraldUndothedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.comUndo Share Show Comments ▼center_img KCS-content Tags: NULL whatsapp CLOSE to half a million British households could be facing negative equity, according to survey released today by the Bank of England.Between four and five per cent of mortgage holders owe more than the value of their properties, it was revealed in the Bank’s final quarterly bulletin of this year. There are 11.4m mortgages in the UK, according to the Council of Mortgage Lenders.The figures remain considerably worse than prior to the recession. Approximately four times as many households face negative equity as in 2007.And more people could fall into negative equity if house prices drop further. Close to one in five mortgage holders have debts exceeding 75 per cent of the value of their properties, “not much changed” from last year, the report says.House prices will fall by 2.7 per cent in the coming financial year, the Office for Budget Responsibility (OBR) forecast last month. Previously it had expected a rise of 2.3 per cent.This month asking prices fell by three per cent, Rightmove revealed today. And asking prices could fall by five per cent next year, the property website estimates.The number of first time buyers “remains relatively low,” the Bank said. Despite low house prices and low mortgage rates, modest wage growth and tight credit conditions continue to deter buyers from the market.High deposit requirements are resulting in prospective first time buyers saving for the future, even thought interest rates remain low. “Around a quarter of renters who reported they were increasing saving, were doing so to finance a deposit,” the report said.However, the situation is positive in comparison to the US housing market, where roughly 11m households face negative equity. whatsapplast_img

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