Repossessions hit the 48,000 mark

Last year approximately 48,000 homes were repossessed.  This is an amazingly high figure.  Now surveyors are being told by the mortgage lenders, and banks, to value properties low.  The banks are holding on to a large number of the repossessed properties rather than risking bring the market down even further.  This itself is holding up the market.  A lot of people are finding that they cannot sell their properties quickly and release their capital.  The properties are not fetching the prices that they had hoped.  Once the banks do start to release the repossessed properties their could be a further flood onto the market affecting the supply and demand, forcing us into a further property market depression.

January 21, 2010  Tags: , ,   Posted in: Uncategorized