Latest figures reveal a steady rise for property prices in the capitals most exclusive boroughs.
Indeed, London’s prime locations such as the City of Westminster, Chelsea & Kensington, Camden and Hammersmith & Fulham have enjoyed year-on-year price growth of up to 15%, to the year 2015.
Property in vast parts of London are now largely inaccessible to the average first time buyer. It could even be argued that exclusive capital postcodes have become mere status symbols and fodder for the extremely rich & wealthy.
Where does that leave the rest of Britain, with its capital prices escalating at meteoric speed with no signs of slowing?
Research conducted by the BBC in 2014 suggested 41% of homes in Northern Ireland were subject to negative equity. Negative equity is where the value of a property is lower than its debts. This is a situation also all too familiar in North East England where it is still a major issue facing proprietors. However, in London, the figure for negative equity is less than 1%, or practically non-existent. This shows massive disparity between the capital and other British locations.
What does this mean for home-owners with negative equity? Whilst house prices surge in London, proprietors with negative equity in hot spots such as Northern Ireland, North East England, Scotland etc. arein deadlock. Property media is extremely capital-focused, therefore neglecting the typical financial situations facing large part of the country. Clearly this is a vast property value disparity facing Britain. Many are trapped in situation where if they sell they lose out but if they stay they are putting equity into an essential black hole. Banks are typically unwilling to mediate or negotiate with the home-owner under negative equity circumstance. Naturally also, the negative equity property is unattractive to the average buyer, placing further barriers for sale. Should a property be at a stand point where it is breaking even, this still leaves the proprietor in a precocious state, waiting for an inevitable increase in interest rates.
At Rescue my Properties, we are experts on the subject of negative equity. Developed over a decade of specialised experience, we have created a template and format for tackling the issues negative equity home-owners face. We see the person behind the problem, therefore creating a tailored solution to the problem itself. The average home-owner negotiating with banks will often find themselves facing an immovable brick wall. Rescue my Properties can take ownership of this burden, releasing the home-owner from the stress and anxiety of negative equity. We can consolidate debt, negotiate with banks, structure property portfolios for maximum efficiency & output and facilitate sales to bring the proprietor to a debt and stress free fresh start.
At Rescue my Properties, we are the first emergency service for distressed buy-to-let mortgages in the UK.
Ring today to arrange a free one-hour consultation. The only thing you have to lose is debt.
0207 7127 6536