RSS FeedsHundreds of people lost their homes due to repossession in 2007
11/04/2008
Hundreds of people in Huddersfield lost their homes due to repossession last year according to Government figures. The figures showed that as many as three hundred and sixty-seven homeowners had their properties repossessed in 2007
As well as these alarming figures, estate agents in the area have reported a decrease in the number of mortgages taken out by first time buyers as a result of tougher terms by mortgage lenders.
With 1.4million mortgage deals to come to an end this year homeowners may find themselves paying extra monthly payments as mortgage lenders toughen up with the current credit crunch.
“We were expecting the market to be tough for the first six months of the year, but we now think it will be tough going for at least 12 months” said Alex McNeil from Bramleys in Huddersfield.
“The availability of mortgages is going to be a problem. First-time buyers are going to have to save some money or get assistance from their parents. There will be a shortage of first-time buyers for a while. There is an over-supply of flats, which are taking some selling and the price has come down a lot,” he went onto say that “but two-bed terraced houses and three-bed semis in reasonable areas are still holding their value.”
“We are also finding big differences within regions. While our Huddersfield, Mirfield and Heckmondwike offices are reporting sales levels down by 25 to 30%, our Halifax office has just had its best month since it opened 10 years ago.”