Eliminate the negative
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.The problem of negative equity is shrinking fast, with just under 600,000 properties worth less than the mortgage in the third quarter, according to Rob Thomas, the housing analyst at UBS. The numbers fell from 758,000 in the second quarter, 1.3 million at the end of 1995 and a peak of 1.8 million in the first quarter of 1993. But a further 1.9 million borrowers still have less than pounds 5,000 of positive equity, which is not enough to finance a move.
The housing market is recovering strongly, according to Nationwide BS, with an average rise of 7 per cent likely this year, more in London and the South-east. Outside Northern Ireland, where prices rose a further 3.2 per cent in spite of the security situation, the sharpest increases in the last quarter were in the South-east and Greater London, the least in Scotland, the North, Yorkshire, East Midlands and East Anglia.
Sales are rising and first-time buyers are returning, although they are older and wiser than in the Eighties, but sales volumes will still be less than 1994, and the recovery will have much less impact on the economy than previous booms.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments