A local property buyering firm Macclesfield Property Buyers have recently reported a 20% rise in the number of distressed property sales over the summer months of June and July. Many of which have been repossession cases whereby the lender is threatening repossession due to mortgage arrears.
John Edwards from the firm says that usually the summer months are quite, however we've certainly seen an increase over this summer. We are also finding that many people in distress simply do not have the equity within their property for us to be able to help them. Many of the homeowners who contact us are in negative equity.
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