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Property downturn starts to hit the middle classes

While there has been no hiding place for any homeowners across the UK the middle class professionals markers is one which appeared to be less affected in the early months of the economic slowdown. However a poll today reveals that 2 out of 5 middle-class professionals are seriously concerned that they will fall behind on their mortgage payments in 2009. The fact that many of these high earners have serious concerns about 2009 is a stark reminder that the recession in the UK is far from over.

The more homeowners across the UK who are drawn into serious financial trouble the greater the potential increase in the already high expectations for repossession orders this year. This would then again place yet more pressure on the UK property market and could force prices lower again. The much publicised UK government's mortgage relief scheme hit the headlines a few weeks ago but there has been very little in the way of action to date and the plan does not appear to be in motion as yet.

We are starting to see a pattern emerge whereby the UK authorities try to inject confidence into the UK economy and property sector in particular with very little follow-up after initial announcements. This is having a serious impact on the trust factor in the UK authorities by the UK population.

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