If one industry body is to be believed: there’s a housing crisis right now in the UK with nearly 5 million people on housing waiting lists and many living in rented or parental accomodation due to a lack of credit. This news comes from the Home Builders Federation (HBF) who have said the crisis is being caused by a shortage of almost one million homes in the UK.
According to HBF figures; only 124,000 homes were built last year, one of the lowest yearly build totals on record and last seen shortly after WWII. The problem is, of course, the recession and lack of credit meaning constructors cannot get funding and buyers cannot buy properties, so very few are getting built. Add to this the news that repossessed houses aren’t being sold on quick enough and sellers are holding off till after the General Election and you get a very stagnant housing market.
Tags: avoid repossession, house repossession, repossession order, stop repossession