The experts at Nicholas James, Estate Agents in Southgate, say that homeowners are living in a false sense of security that could quickly be erased when mortgage repayment costs increase.
The amount of people describing mortgages had dropped from 11.3% to 10.6%. Yet, they could find that they are in for a shock when rates interest rise. The likelihood of a rate hike this year increased when experts said they expect rates to grow over the next few years.
"There is a real risk that after more than six years of record low interest rates, many mortgage payers are still living in a false sense of security. The reality is that they may have a very short window in which to prepare for coming hikes in interest rates." - Joanna Elson reported to the local Estate Agents in Southgate.
Overall household debts were found to have grown to £104billion, with 1/5 homes describing money owed as a heavy burden. The country's lowest earners are struggling the most, with these families five times more likely to say financial commitments are a heavy burden than the highest earners.
Households in the South East have taken on the highest amount of debt estimated at £4,591 each, whereas those in Wales have the smallest amount at £1,900. But those in London are most likely to feel the strain of borrowing, while those in the West Midlands and Scotland were the least likely to feel that their debts were a problem.
The first Nicholas James office was opened in August 200 by brothers Nicholas Panayiotou and James Panayiotou, bringing together a combined experience of over 25 years in property sales, lettings and management in Southgate.
Nicholas James prides itself on the company’s positive, sincere approach to business. Following on from its belief that “honesty is the only investment that never fails”, Nicholas James has managed to retain 96% of its clients since opening our Estate Agents in Southgate. This fantastic achievement is further evidenced by the company’s increased exposure in the area through word of mouth, boasting an impressive 90% of new customers arriving by referral.
We at Nicholas James are proud to be operating in the area where we have lived and grown up for the last 33 years. Our knowledge of the area is second to none, and we devote many hours to re-evaluating movements in the property market to ensure we achieve the best possible deal for our clients.
If you wish to make enquiries regarding your property, pick our brain on a particular issue or simply meet the team then please feel welcome to visit us for a pleasant and informal chat at either of our Estate Agents offices in Southgate.