Housing boom an ‘unmitigated disaster’
May 24, 2008 by admin
Filed under News, News-Mortgages
The housing boom has been an “unmitigated disaster” for the UK’s economy and society, Firstrung has said.
Paul Holmes, chief executive officer of Firstrung, said that rising property prices were a “disaster” for first-time buyers.
A recent report by Fool.co.uk found that 23 per cent of 24 to 34-year-olds are concerned about falling into negative equity and 13 per cent of people decided to put on hold their plans to move house until the situation in the property market became clearer.
Earlier this month, Firstrung said that a growing number of people may face repossessions in the coming months if they are unable to pay their mortgages.
According to the company, people with mortgages that are £250,000 or more are the ones who are likely to face “real problems”.
In contrast, Firstrung said: “First-time buyers are the least likely group to be repossessed full stop, because it is their home they have recently bought it and they can generally afford it.”
Tags: month, first time buyers, housing, society, home