23rd October 2009: PPR - Longest recession on record means more property distress
Nick Hopkinson, Director of Property Portfolio Rescue (PPR), comments on the Q3 GDP figures out today, confirming the UK is still in a recession:
“The latest Q3 GDP figures confirm that the UK economy is still officially in the grip of the longest recession on record, and this underlines the continued uncertainty facing many of the UK's more vulnerable homeowners. For many it's a balancing act between just managing to make mortgage repayments against losing the fight as unemployment and debt problems kick in. The number of struggling households is only likely to surge, pushing repossessions back up in Q4.
“Our Q4 2009 Distress Index reports a record number of enquiries from distressed sellers in Q3, as a growing number of homeowners in serious mortgage arrears sought help in securing a fast sale of their property. In light of the worse-than expected GDP figures and with the Government’s various measures failing to offer respite, PPR anticipates continuing high levels of enquiries from distressed sellers this winter.”
For further insight and commentary on the impact of today's news on the residential property market Contact us.
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