Personal Finance News
What our customers say..."You are doing a good job Thanking you"
Forced house sales 'low due to better-than-forecast employment'
The number of people having to sell their home as they are unable to meet their repayments is surprisingly low, an expert has claimed, which could be good news for those with best buy mortgages.
David Smith, economics editor at the Sunday Times, has claimed that the current economic crisis is very different from the problems in the 1990s.
He said the fact that unemployment peaked at lower-than-expected levels means that there has not been the same glut of forced sellers that flooded the market in the last recession.
Mr Smith stated the higher level of people who have remained in work means that there have been far fewer problems with people failing to meet their repayment obligations.
"That hasn't happened on anything like that scale this time," he explained.
Earlier this month, the Financial Services Authority reported that the number of new arrears cases in the second quarter has changed little from the same time in 2010.
Copyright
David Smith, economics editor at the Sunday Times, has claimed that the current economic crisis is very different from the problems in the 1990s.
He said the fact that unemployment peaked at lower-than-expected levels means that there has not been the same glut of forced sellers that flooded the market in the last recession.
Mr Smith stated the higher level of people who have remained in work means that there have been far fewer problems with people failing to meet their repayment obligations.
"That hasn't happened on anything like that scale this time," he explained.
Earlier this month, the Financial Services Authority reported that the number of new arrears cases in the second quarter has changed little from the same time in 2010.
Copyright
Published: 23/09/2011
The information in this article was correct at the time of publication and contains time sensitive data and links, it may not be accurate at the time of reading.