Negative equity spreads across the UK
Negative equity, where the value of outstanding loans is more than the value of the property on which it is based, has spread across the UK like wildfire. A report by ratings agency Fitch has confirmed that one in ten UK homeowners are currently experiencing negative equity although the company suggests this could rise to an alarming one in three if the property sector takes a further lurch downwards. So where are the worst hit areas?
It may surprise many to learn that the East Midlands is the worst hit area with regards to negative equity in the UK with 15.1% of homeowners struggling. Next we see Wales which has a rate in excess of 13%, East Anglia at 12.8% and the North-West of England as 12.3%. Scotland (at 3.6%) and the south-west of England at 7.2% are the least affected areas with regards to negative equity although this could all change in the future. The explosion of negative equity in the Midlands perhaps reflects the ongoing employment troubles of the region which has for many years been central to the UK car manufacturing industry.
If you are struggling with negative equity it is vital that you take advice as soon as possible to try and rectify the situation and give yourself the maximum chance of retaining your property.
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