Daft have just released their report which has confirmed what many knew already. The supply of rental property has doubled in the last year leading to an average drop of 12% in price.
This of course is just the beginning.
Gerard O'Neill introduces the Daft Report
So Joe and Josephine average now have a second mortgage that was being paid out of rental income not being paid.
Guarantee Scheme here we come...
Its worth considering what might be done to ensure that mortgages continue to be paid however. I don't think widespread defaults are in anyone's best interests, as completely opposed to government intervention in this area as I am. People continuing to pay their mortgages won't prop up property prices.Originally Posted by Outlander
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I dont want to be paying for somebody who was stupid enough and or too greedy to buy an over priced second/third/fourth cardboard shoebox.
Are we not already paying with the bank bailout? You're right of course though.
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Agreed, but these unpaid mortgages will add to the banks growing lists of bad debt, and will ultimately call on the bank guarantee.
We will all pay a horrible price for the guarantee which was designed to prop up the banking and builder buddies. What is worse is that the aim of the prop-up may well have been to stop the exposure of scandal.
We are, and I dont agree with that either, one this is clear from this report, there will either be mass defaults, or the banks need to make the first moves and extend the period or principle of these mortgages ( the banks take the hit).
Thats workable. So we set it up so the banks must offer an extension of one or two decades on mortgage repayments as an alternative to defaults? That should stem the flow of bad mortgages to an extent, although it doesn't inspire them to keep lending, in particular to businesses.
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They can set-up a bad mortgage division and deal with the problems there. They knew well then they lent the money what was going on.
perhaps the government should consider buying such property (at much reduced prices) for the purposes of social housing?
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