UK – New study suggests that mortgage repossessions in the UK are likely to drop to an all-time low of 6500-7500 repossessions in light of low interest rates and stable economic conditions. This comes after 2016 was the year with the lowest repossessions in 34 years, down approximately 25% from 2015. According to This is Money, 2016 saw 7700 properties repossessed by the lending institution.
It is not surprising at all to think that Brexit would have certain economic implications, although pre-Brexit the figures were estimated to go up. Historically, it has been normal and expected for the number of repossessions to fluctuate, but they’ve largely stayed around the 20,000 mark. These changes typically are difficult or even impossible to predict, but major political and economic events—such as the global crisis that occurred in 2007 and 2008 and, of course, Brexit—have been known to elicit significant changes in the market.
Economists have turned to past trends to help them predict what to expect in the coming years. In 2009, for example, 48900 properties were taken into possession, which accounted for .43% of all lending. This was particularly high, especially considering that number had been only .07% just a few years before in 2003 and 2004. Since 2012, however, as the economy recovered from this hit, repossessions have been declining and the outlook for homeowners has looked much more optimistic.
In effort to be prepared for repossessions to begin increasing once more and a repeat of the crisis that occurred back in 2007 and 2008, many people are turning to authorities in the industry for help in getting their financial affairs in order. One such company that many UK residents favor is Tic Finance, available at http://www.ticfinance.co.uk, who offers repossession help and other types of financial advice to their clients.
This UK financial organisation works to help their clients understand the economic conditions of the country, how they could affect the client, and how to best navigate them. This helps clients to avoid repossession, stay on top of their finances, and put them in a good position to be prepared for future unexpected crises.
Company Name: Tic Finance
Contact Person: Herjit Singh
Country: United Kingdom