/24-7PressRelease/ - LONDON, UK, September 06, 2007 - More than 45,000 homes are likely to be repossessed in the next year, predicts the Royal Institution of Chartered Surveyors.
Many Brits are struggling with their debts repayments. There have been five interest rate rises during the past year. Interest rates have gone up in case of mortgages and secured loans. In the first half of the current year, an estimated 14,000 properties have been repossessed. The next year might well see double the incidents of repossessions when compared to the current year.
According to an estimate by the Council of Mortgage Lenders, around 2.8 million borrowers are coming to the end of their fixed-rate mortgages before the end of 2008. This is likely to make the situation grim for them as they will have to face the high cost of borrowing prevailing in the market.
Melanie Bien from Savills Private Finance said: "Four years ago, you could get two-year fixes at 3.75pc but the best you could get today would be 5.6pc. There is no sign of distress at the top of the market but lower down, some people may have overstretched themselves in the belief that rates would stay low and house prices would go on rising."
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