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ITV report suggests 3 million people in the UK are in negative equity

Only yesterday it was confirmed by the Council of Mortgage Lenders that in excess of 900,000 homeowners in the UK have been caught by the negative equity trap. However, a report by ITV today suggests this figure could be as high as 3.5 million homeowners which would represent around one third of all homes in the UK. While the figure of 3.5 million is probably towards the top end of the "real situation" there are growing concerns that the negative equity trap could halt a short to medium-term recovery in the UK property market.

Not only does negative equity effect a home owner's ability to remortgage a property but it will also see many looking to "stay put" for the foreseeable future. These two elements will not assist growth in the UK property market as they will also affect the profitability of UK mortgage providers, as well as business levels. Despite signs on the surface that the UK property sector may have "bottomed out" there is debate and confusion as to how and when we will see a significant bounce in UK property prices.

As we entered this recession there was confusion and panic about the future and as we look to move out of the recession there is still confusion and panic as to how and when a fully fledged recovery will show itself.

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