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Negative equity expected until 2014
Wed, 08 Feb, 2012
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Negative equity expected until 2014
Tue, 31 Aug 2010, 08:07:00
Thousands of homeowners who bought their properties at the height of the property boom in 2007 face another four years of negative equity, according to a housing organisation. Those who hopped on the property ladder three years ago paid an average £216,800 for their home, according to the National Housing Federation (NHF). It estimates they won't recoup their investment for another four years. Prices will fall by another 3% next year, the NHF predicts, although they'll begin climbing steadily after that. It forecasts an increase in the cost of an average home to almost £227,000 in 2015, up 22% from 2009 levels. The federation says fewer homes are being built in England than at any peacetime period since 1923, only about a third of the number needed to meet the increase in households each year. It's also worried about proposed caps on housing benefit payments, which it believes could put nearly a million people on low incomes at risk of losing their home.
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