Saturday, November 03, 2007


Politicians like to paint a picture of working class bliss where everybody has an increasing standard of living, but the reality is somewhat different. "The number of repossessed homes looks set to soar next year to levels not seen since the 1990s house price crash, it was claimed today. At the same time, house prices will edge ahead by just 1% in 2008 and property sales will fall by 15%, according to the Council of Mortgage Lenders (CML). The group expects the number of repossessions to rise by 50% during the year, rising from 30,000 this year to 45,000 in 2008. ...The number of people who are in arrears of at least three months is also set to increase, with 170,000 people expected to have problems keeping up with their mortgage repayments next year, compared with an estimated 145,000 this year." (Guardian, 2 November)
The bright words of politicians will appear somewhat tarnished to workers who lose their houses. RD

1 comment:

ajohnstone said...

An estimated 14,000 properties were repossessed in the first six months of the year, a 30% increase on the same time last year.