A Royal Institute of Chartered Surveyors (RICS) report today showed the number of property inquiries from new-buyers rose to a two-year high last month – suggesting thrifty buyers have been searching for repossessed and forced-sale properties at bargain-basement prices.
As more homeowners have fallen into debt and struggled to maintain debt repayments, many have suffered by having their home repossessed or being forced to sell.
This could be avoided in numerous cases by simply seeking debt help or applying for an IVA. An IVA is a way of repaying debts – usually over five years. An IVA is also an alternative to bankruptcy and can prevent the loss of their home when a homeowner falls behind with their mortgage debt repayments.
The rise in new inquiries though did little to affect the housing market, with the number of sales slumping to their lowest levels since 1978 between September and November.
