12
Feb

NEGATIVE EQUITY NI RESPONDS TO LATEST REPOSSESSION REPORT

The Department for Social Development has this afternoon released the latest report from the Housing Repossessions Taskforce. The report is available to view here.

Commenting on the report, Tom Cardwell from Negative Equity NI said:

Today’s report shows that the growing confidence in the housing market isn’t shared by all homeowners in Northern Ireland. We don’t believe the local housing market is even close to a sustainable recovery. Many areas of Northern Ireland have not yet seen a house price rise so unfortunately all the indicators show this to be a ‘dead cat bounce’. There are a number of factors which tell us this; Bank of England interest rate increases on the horizon, proposed loss of 20,000 public sector jobs, issues in the private sector with the closure of businesses like JTI (Gallaghers) in Ballymena and the ticking time bomb of interest-only mortgages with no repayment vehicle.

 “To put this in context, we’re currently receiving record numbers of enquiries from people who are either trapped in negative equity or facing the prospect of having their homes repossessed so the problem still persists on a large scale. In 2014, we helped over 400 homeowners and we’re expecting to help around 700 people in 2015 as the much-reported and deceiving upturn in the housing market continues to leave thousands of homeowners behind.”

For further information on Negative Equity NI or to talk to Tom Cardwell, please contact John Megaughin at Clearbox Communications on 02895 622600 / @john_meg / john@clearboxcommunications.com

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