House Repossession Rises 2008

House repossession has shown a sharp rise once more to 18,900 in the first half of 2008 in the UK, mostly due to tighter lending criteria by mortgage lenders and the global financial crisis. As a result of these factors, the number of house repossessions is up 41% on the previous 6 months, and up almost 48% on the same period in 2007.

According to figures released by the Council of Mortgage Lenders (CML), repossessed houses sold in during this period account for 11,700 of the 18,900 repossessions that took place. This means that somewhere in the UK 38% of houses that have been repossessed by the banks or mortgage lenders have are still out there waiting to be sold.

For investment property buyers, this is a good thing. Obviously the easy houses to sell will have been snapped up, however there will still be opportunities to buy repossession properties at much cheaper prices and from highly motivated sellers.

Someone looking for residential investment property, who has finance in place is well placed to collect long term profits from repossessed property bought below market value. If you are one such investor, then why not check out some of our investment property reports or check out an auction that is going on over the coming months.

Someone else’s failure to keep up with their mortgage payments could increase your ability to secure your financial base. House repossession, whilst wretched for those who have lost their homes is still an opportunity for others.

Related Articles

• UK Plans To Help Housing Market
  Today the British government offered some help to home owners in this trying time where house repossessions are up and confidence in the housing market is particularly low. The help...
• Sell and Rent Back An Investor’s Perspective
  If you’re an investment property entrepreneur, could or should you be interested in completing deals that involve a sell and rent back situation with a seller? Are you perhaps someone...