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Housing debt grows
26/03/2008
Mortgage debt in Northern Ireland is increasing at a greater rate than in any other part of the UK, it has been claimed.
In news which may see demand for solicitors' debt recovery services increase, the Belfast Telegraph reports that house repossessions through the courts rose by 40 per cent in the last six years.
However, Scott Kennerley, research, training and development officer at Citizens Advice suggested that this figure did not fully reflect reality.
"They are only the cases that get to court. Some people sell their homes, or give them back, to avoid court action, but at the end of the day they still lose their homes," he explained.
It is important that people consider “tightening” their belts, he added.
Meanwhile, the National Association of Estate Agents said earlier this year that it is currently a good time to purchase property, as the gap between asking prices and actual sale prices is increasing.
Contact us for legal advice
In news which may see demand for solicitors' debt recovery services increase, the Belfast Telegraph reports that house repossessions through the courts rose by 40 per cent in the last six years.
However, Scott Kennerley, research, training and development officer at Citizens Advice suggested that this figure did not fully reflect reality.
"They are only the cases that get to court. Some people sell their homes, or give them back, to avoid court action, but at the end of the day they still lose their homes," he explained.
It is important that people consider “tightening” their belts, he added.
Meanwhile, the National Association of Estate Agents said earlier this year that it is currently a good time to purchase property, as the gap between asking prices and actual sale prices is increasing.
Contact us for legal advice
