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Repossessions increase throughout 2008


Repossessions this year has been estimated to reach a staggering 33,000, a report released yesterday explains further.

A recent survey carried out estimated that there would be an increase of nearly 25 per cent on repossessions. If the Bank of England starts to cut interest rates, borrowers will still find it difficult to keep up with repayments.

An economist namely, John Ward, shared his comments: "The stark rise in repossessions forecast shows why the Chancellor and the Bank of England are so keen to sort out the problems in the wholesale financial markets. Unless or until this tap of mortgage finance starts to flow again, the outcome will be a reduction in house prices and an increase in repossessions."

First-time buyers without a large deposit are being separated out the market leaving them chanceless.

Remortgaging has become expensive. During March the number of mortgages approved for homebuyers dropped to 35,417.

Finally the housing market analyst stated that the number of postcode areas showing a decline increased from 28.8 per cent during March to 51.4 per cent in April.

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