Thousands ‘face negative equity’
July 6, 2008
Close to 150,000 homeowners who took out mortgages since early 2007 may face negative equity, research suggests.
According to a CACI survey for the Daily Telegraph, one in eight of 1.2 million who bought a property since then owe more than their home is worth.
If a house loses its value it is not necessarily a problem unless the owner has to move, remortgage, or cannot afford to pay the mortgage.
UK prices fell 0.9% on average in June, according to recent Nationwide figures.
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