Are repossessed houses on the rise?

repossessed houses

UK property prices dropped by 16.2% in the year following the financial crisis in 2008.¬†This crisis stemmed a sharp growth in unemployment, as well a huge rise in the number of home-owners falling behind in mortgage payments. By the end of 2009, repossession rates had hit a 12 year high, with an estimated 46,000 people losing their homes. Now over 10 years on, we look back at the main reasons behind the huge rise in repossessions during this period, and consider that as the UK is becoming a toxic cocktail of sporadic Brexit negotiations, ever rising property prices and irresponsible lending, why it may be experiencing another property crash all over again. ¬† (more…)