Homeowners 'struggling' with repayments

20/11/2008

Homeowners are being forced to sell their properties as they struggle to meet mortgage repayments, according to the Royal Institute of Chartered Surveyors (Rics).

Rics figures show the average number of transactions per agency in October fell to its lowest level since records began in 1978.

The average number of transactions per agency fell to 10.9, down from 11.5 in September. In London, this figure was only six sales per agency.

Commenting in the Times, a spokesperson for Rics suggested that many homeowners were being left with little choice but to sell their homes at a cut price.

He said: "Distressed sales are becoming a factor now.

"People are having to sell their homes because they cannot afford their mortgage or for other financial reasons and they are getting real about the price they can achieve."

Meanwhile, Nationwide has warned that net lending in the mortgage market could fall by a further ten per cent by the end of the year.

The lender's figures indicate that the market has already seen a fall of 70 per cent over the last six months.

Tags; Housing Debt and Bills,

Regional Debt Advice; Debt Help London,

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