The global credit crunch

The global credit crunch as its known now started across the pond as the Americans would say, and headed towards us last summer. May areas of the finance markets have been affected including:

• Loans
• Credit cards
• Mortgages

Since then consumer confidence has taken a severe nose dive and the media has jumped on it and has made us all aware of it. The chancellor is talking to the banking institutions continuously to find ways of resolving the uncertainty and gaining confidence back with consumers so they start spending money again.

No time frame has been given to the end of the credit crunch we just have to sit and hold on tight and hopefully watch it disappear.

Have house Sales Slumped with the Squeeze by Lenders?

Recent figures state that house sales have dropped 40% but the asking price for selling houses has risen across the UK have risen 1.5% on average.

However this is not good news for everyone. E.g. in Manchester new build apartment blocks have been selling for sometimes up to £50 000 less than the asking price.

What is the way out if there is one?

Companies like “Fast Property Sale” are somewhat helping the government get there house in order by allowing the home owners stuck in a financial mess become debt free. Previously home owners could have sold there property and moved on too a smaller property but with the squeeze by the lenders, money getting harder to get hold off and people are now worried about repossession again.

Repossession is on the up and negative equity is starting all over again...

Date Published 11/03/08 - Copyright Fast Property Sale