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WALES AT SHARP END OF HOUSING MARKET COLLAPSE
June 30, 2008 12:00 AM
As the Bank of England released figures showing that the number of mortgage approvals UK wide had fallen to its lowest level since the Bank of England started publishing such figures in 1993, Jenny Willott, Lib Dem Shadow Work and Pensions Secretary and MP for Cardiff Central, warned that the Welsh housing market was heading to trouble earlier and more severely than most other regions of the UK.
Commenting, Jenny said:
"It is increasingly clear that Wales is at the sharp end of the collapsing housing market with more and more people unable to meet their mortgage repayments.
"Wales has seen the worst housing market figures than any other UK region with a 5.9% fall in average house prices and a 26% jump in mortgage possession orders in only a few months.
"With hundreds of thousands across Wales struggling to make ends meet in the face of massive debts and spiralling food and fuel prices, the only people selling their houses are those who have no other choice.
"While the UK economy is struggling as a whole, the evidence suggests that Wales is feeling the pain earlier and more severely than most. The Government must act to ensure we do not see the mass repossessions of people's homes which occurred during the last Tory recession."
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