Government measures too little too late?
Although the government has "woken up" to the reality that some people are having problems meeting their mortgage payments, it is "too little too late" for some, one sector commentator has suggested.
Paul Smith, chief executive of haart estate agency, said it was firms such as the Citizens Advice Bureau that had most helped homeowners by offering advice on budgeting and that it was "disingenuous" for the government to take credit.
"Thankfully, the number of repossessions has started to fall due to market forces," he added.
Mr Smith stated that as the country emerged from the recession, mortgages were getting cheaper and negative equity was falling, due to rising property prices.
However, such price rises may prompt people to look for flats to rent in Eltham or other parts of London, which could be more affordable than buying a home.
The government has recently launched a new national campaign to help struggling homeowners take control of their finances and make the most of the support available for them to avoid repossessions.
Written by Charles Mackay
Published 11th September, 2009
© 2009 Estates IT Limited
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