February 15th, 2010 | 
Author: Over the past couple of years the number of people that have fallen behind on mortgage repayments has rocketed as a result of the global credit crunch and the recession, but industry experts claim that there is still worse to come.
Why choose estate agents london? The rising level of defaults in the UK has led to a sharp increase in the number of properties being repossessed. The recession in the UK is not over though the financial crisis is easing off to some degree. A number of people are unemployed and there is reduction in the income. Therefore, industry officials fear that the default level will worsen in the country before things begin improving
the Bank of England has kept the base interest rate low at 0.5 percent for the past eight months to ease the situation. This may help homeowners but it is still feared that the level of defaulters on mortgage loans will rise in the UK Ask estate agents london for more information. The level of repossessions will increase due to this that has spiralled over the last couple of years
Experts are of the view that it is unlikely for the UK to reach the same level as seen in the US, for the foreclosures have increased in the United States In order to avoid further increase in defaults and repossessions, the government is taking measures and is influencing lenders to be lenient with struggling homeowners Visit top estate agents london for more advice.
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