Repossession, Repossession, Repossession

ACCORDING to new official figures released yesterday, it now costs a ridiculous seven times the average yearly wage to afford an average home.

It has also emerged that house prices are at their least affordable level for a generation while mortgages are taking around 45 per cent of the average salary.

With interest rates set to rise again and council tax and general household bills going up, more and more homeowners will face the horror of repossession.

The Bank of England is predicted to raise interest rates by at least 0.25 per cent to 5.5 per cent on Thursday which will increase the pressure on homeowners even more.

Let’s see if the likes of Kirsty and Phil and Sarah Beeny can help us out of this one.

Anorak

Posted: 8th, May 2007 | In: Money Comment | Follow the Comments on our RSS feed: RSS 2.0 | TrackBack | Permalink