Manchester tops UK debt table say National Homebuyers

Manchester tops other cities across the UK when it comes to debt levels, according to a new study.

[ClickPress, Mon Feb 18 2008] Research carried out for ITV1 programme Repossession, Repossession, Repossession found that Manchester is debt capital, followed by Glasgow and Nottingham.

Carried out by Experian, the survey also revealed that the Isles of Scilly was the least indebted, followed by Hart, Uttlesford and Richmond upon Thames.

"I've been warning about the dangers of excessive debt for years. Now the day of reckoning has arrived," said the show's host Jeff Randall.

"This programme reveals why our borrow and spend obsession is turning into heartbreak and repossession."

A recent study from Moore Blatch law firm revealed that four in five mortgage lenders expect repossessions to rise during 2008.

Julian King of National Homebuyers agrees, "Our analysts are confident that despite the options available to help those in financial difficulty, we will see a 50 per cent rise in repossessions this year.

"This could be easily avoided with a mortgage rescue scheme such as Sell and Rent Back. The issue we face is getting the homeowner to act quickly enough to avoid the banks taking possession of each property.

"The homeowner must be aware of the necessity to use reputable national property buyers, rather than smaller, less scrupulous operators who have 'a nice website'".

Mr King is a director of National Homebuyers, the UK's leading quick property sale firm that guarantees to make an offer on any property in the UK, regardless of its condition or location. Mr King is also a founder of APBA, the Approved Property Buyers Association which is calling for government regulation for the Quick Property Sale and Sell and Rent Back industries.

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