According to the headlines theres 1 million brits in negative equity , and it also says the majority of them are people who bought their houses from 2007 onwards before the drop in house prices.
You are lucky you guys! Sadly I am. Bought in 2007 too. Fixed MTG for 5 years. Broke up with tw@t of an OH last year and obviously can't sell house! Would be great if I could then I would finally be rid! :-/
Sadly rollo they reckon it will be many years and with the job market as it is many folk cant sell their houses to move for work as theyd be short of money and unable to get another mortgage.
The whole point of being in negative equity is that you are looking to sell. There will be unfortunate instances, such as rinkins. I expect a lot of the people suffering from NE are those who bought property as an investment and not to live in. The sorts of people who make it difficult for 1st time buyers to get on the property ladder. I don't have much sympathy for these individuals.
bought my current property in 2006 but paid cash..........may be worth less now than when I bought it but as I have no intention of moving again doesn't really matter.....
At least this time, the interest rates are low, so that should mitigate the negative equity factor by allowing the debt to be reduced faster as long as you don't reduce your payments. Unless of course you are on a fixed mortgage and I guess that had rates gone up they wouldn't be complaining....