According to the National Institute of Economic and Social Research, Britain is in the throes of the slowest economic recovery in living memory. And just to avoid any ambiguity, living memory includes the recovery following the recessions of the early 1920s, early 1930s, the mid 70s, early 80s and early 90s.
And now the latest figures from the Office of National Statistics reveal the cost of an average house in the UK is ten times bigger than the average salary.
The Governor of the Bank of England, Mark Carney, has already stated that the UK housing market is the “biggest threat” to the economic recovery. All these statistics and data and a whole lot of rhetoric. But what is the route out of this crisis?
The reality is, real wages are anything but positive. Employment growth has stalled.
As wages fall and house prices soar, how can the average person afford to pay for a deficit inducing mortgage on their home? Seven years after the housing boom destroyed the economy, we have returned to a
place where negative equity is a household term.
A spokesperson for Rescue My Properties said, “We’re inundated with headlines about the national economy, sometimes positive sometimes negative.
“To gain a true understanding of the state of the economy, you only have to talk to your average homeowner. “Far too many people are mired in personal and mortgage debt.
“When people approach Rescue My Properties, it’s an incredible weight lifted off their shoulders. They see us as being their saviour.
“Typically, we put a plan of action into place immediately, which in many cases results in debt write-off.
“At Rescue My Properties, we have helped over 3000 clients deal with their property related problems and crippling debt. “We guide our clients until they are debt free.”