Housing costs rise say National Homebuyers
Millions of Britons face financial difficulties because household spending is so high.
[UKPRwire, Thu Feb 07 2008] The latest figures from the Office for National Statistics (ONS) show that the average UK resident spent £143 per week on housing-related costs in 2006.
Around £52 per week is said to have been spent on mortgages, while £24 went on council tax and water charges and £17 on rent.
Mortgage holders in London are the most likely to suffer financial difficulties, with the average Londoner spending £174 per week on housing-related costs.
With interest rates having increased in the last year or so, many people may find that they are now in an even worse financial situation than they were in 2006.
In addition, a number of mortgage lenders have increased their rates independently of the increases to the base rate of interest, potentially causing financial difficulties for many.
Quick property sale expert Julian King adds, "The gap between the cost of owning a home and the value of the property is getting larger.
"Our analysts confirm they are confident of a repossession figure of around 45,000 in 2008.
"Options exist to help the homeowner in financial difficulty, but we advise them to act quickly and bury put their head in the sand".
Mr King is a director of National Homebuyers, the UK's leading mortage rescue scheme provider, either arranging a quick property purchase or a Sell and Rent Back agreement where the homeowner can release equity in their property and rent their home back.