Forty per cent of young working families cannot afford the cheapest houses in Wales and more house repossessions are occurring much sooner, says the housing charity Shelter Cymru.
Figures released by Shelter Cymru today show that this year has seen the highest number of clients seeking mortgage advice from the charity since 1991.
Nearly 600 households who were experiencing problems in paying their mortgages, and were facing a repossession action and homelessness, have been advised and supported by the charity over the last twelve months.
JJ Costello Head of Housing Services said: “ For some time, we’ve been afraid that the housing market has forced some people to borrow beyond their ability to repay. Some people will have been able to afford the initial fixed term mortgage rate but may now be struggling to cope. The rise of the sub-prime lender also appears to be resulting in more repossessions occurring much sooner.”
Shelter Cymru urges anyone facing arrears to seek specialist advice immediately. Getting early help with budgeting and reaching agreements with lenders can avoid repossession.
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