Wilson PonThe Increment of Negative Equity is worrying the U.K. Government
September 8th 2009 10:10
The United Kingdom’s government might need to face another serious problem now, where the negative equity among homeowners has been skyrocketing since the last couple of months.
The negative equity arises quickly, especially when the value of a home falls below the value of the loan that being used to purchase it.
According to the Bank of England, the negative equity has been affected more than 1 million households across the United Kingdom. In addition, they claimed that around 10% of UK household owners with mortgages were being trapped in negative equity in the first quarter of 2009.
The even worse thing is it hasn’t the end of the fallen yet. The experts predicted that there would be more U.K. household owners joining the negative equity parade in the next few months!
Note: Photo thanks to accepted.
The negative equity arises quickly, especially when the value of a home falls below the value of the loan that being used to purchase it.
According to the Bank of England, the negative equity has been affected more than 1 million households across the United Kingdom. In addition, they claimed that around 10% of UK household owners with mortgages were being trapped in negative equity in the first quarter of 2009.
The even worse thing is it hasn’t the end of the fallen yet. The experts predicted that there would be more U.K. household owners joining the negative equity parade in the next few months!
Note: Photo thanks to accepted.
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