Property Rescue Blog

If 2007 was a less than perfect year financially, you might have welcomed in the New Year with open arms in the hope that your fortunes will change as 2008 progresses.  For those lucky enough to have had promotion at work or have moved to a higher salaried job there is every opportunity to become more financially stable.  The rest of us, however, will have to make do on the same, or a very similar, income and brace ourselves for the economic downturn that many forecasters are predicting.

One of the ways in which we have come to perceive wealth in this country is through the value of our home.  We ‘feel’ wealthy when we know that our home is worth a lot of money, even if we can’t realise the capital tied up in our property or are still paying off a large mortgage.  The question is whether a downturn in the housing market will alter that perception, affecting not only our attitudes but also our buying behaviour.  A slow down in credit card spending may be good for personal wealth management but would doubtless hit high street retailers where it hurts.

So how will property price stability or decline affect us personally?  Commentators expect the cooling down of the housing market to continue throughout the year; some feel that property prices will fall dramatically but the overall consensus seems to be a levelling off rather than a huge drop in values.  The greatest effect will be felt by those who have bought or re-mortgaged recently at the peak of the market, or who have a high level of consumer debt which they’re unable to repay.

The Council of Mortgage Lenders predict that the number of homes subject to repossessions will rise to 45,000 this year.  That’s against a backdrop of 17,000 in 2006 and 30,000 in 2007 (estimated on currently available figures).  The ‘feeling’ of wealth counts for nothing at all if you can’t sell your home when you are in a financial crisis – no matter how much it’s worth.  Whilst the current housing market slowdown is unlikely to have a dramatic effect on the majority of home owners, it will be particularly bad news for those who need to sell fast.  Buyers are rare commodities who are eagerly fought over by sellers; inflated property prices are no longer achievable and sale times are increased.  When facing the threat of repossession speed is of the essence if you are to avoid losing your home.  Property Rescue can help people in this situation even if it is the eleventh hour; they guarantee to make an offer on any property, regardless of condition or location, and will liaise with lenders to stop repossession in its tracks. 

The important thing is not to delay.  Call Property Rescue to see how their guaranteed offer for your home could stop the threat of repossession and help you look forward to a more financially stable 2008.