Standard & Poor’s warns of wave of house repossessions

“Standard & Poor’s ratings agency says planned spending cuts and tax rises may lead to many more house repossessions”
 
Published on Guardian
By Larry Elliott, Monday 9th September 2010
 
The government’s planned spending cuts and tax rises could trigger a fresh wave of house repossessions as hard-pressed borrowers find it impossible to meet their mortgage payments, the ratings agency Standard & Poor’s said today.

In a downbeat assessment of the UK property market, S&P stressed that house prices remained overvalued and many families were vulnerable to George Osborne’s budgetary squeeze.

The Treasury has acknowledged that attempts to reduce Britain’s deficit during this parliament will cost hundreds of thousands of jobs in the public sector, with knock-on effects in the private sector as well.

Further details on house repossessions

Tags: government, home owners, house, mortgage, property, repossession, tax

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