"In many cases there are alternatives to repossession and there is no need to end up on the streets."
- Evgeni Vachkov, St Genix
London, UK (PRWEB UK) 8 May 2012
Property buyers St Genix have urged struggling households to take action in order to stop repossession. Figures released by the Department for Communities and Local Government have highlighted an alarming increase in homelessness across the UK, fuelled by the rise in bank repossessions.
Nearly 50,000 households were confirmed homeless by Local Authorities in 2011, an increase of 14% on the previous year. Homelessness levels had been dropping steadily for seven years before starting to creep up once more in 2010. The increase in the capital is even greater, however, with 2011 seeing a rise in homelessness of 27.4%, reflecting the difficulties faced by households battling with redundancy and unemployment.
In a recent interview with The Guardian, Campbell Robb, Chief Executive of homeless charity Shelter, said:
“Amid growing economic gloom and rising unemployment, increasing numbers of ordinary families are falling victim to our housing crisis. Some may be priced out of the housing market, forced to bring up their families in a revolving door of private let after private let."
With average house prices in London confirmed today to have reached the £500,000 mark, mortgage costs in the capital have escalated, meaning greater levels of debt than ever before for those who suddenly find themselves unable to meet their mortgage repayments.
But households that are having problems meeting their mortgage repayments should not necessarily assume that repossession and homelessness are inevitable. According to Housing Minister Grant Shapps, councils had access to over £70,000,000 over the past year to help those facing homelessness, demonstrating that it is important to explore other possibilities before giving up.
Founder of property buyers St Genix, Evgeni Vachkov, gives the following advice to those struggling to meet their mortgage payments.
“It is important to meet this situation head on and explore all the options open to you. Start a dialogue with your lender and keep the lines of communication open while you take advice from independent sources. In many cases there are alternatives to repossession and there is no need to end up on the streets.”
For more information and advice on how to stop repossession, visit http://www.stgenix.co.uk/stop-repossession, or call St Genix on 0800 644 0056.
About The Company
St Genix are based in London, and operate with a network of over two hundred associate property buyers. The company's aim is to provide an alternative to the trauma of repossession through their ethical and honest property buying service.
St Genix specialise in achieving fast property sales for individuals, helping them to avoid repossession, pay off their mortgage and free up funds in as little as five days.