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WALES AT SHARP END OF HOUSING MARKET COLLAPSE - ÖPIK
June 30, 2008 4:11 PM
As the Bank of England released figures showing that the number of mortgage approvals UK wide had fallen to its lowest level since it started publishing such figures in 1993, Lembit Öpik, Liberal Democrat Housing Spokesperson and MP for Montgomeryshire, warned that Wales was at the sharp end of the rising numbers of household repossessions.
Commenting, he said:
"The strain of the housing market collapse is shown at its worst in Wales as more and more people in Wales are unable to meet their mortgage repayments.
"Over the last few months, 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 Powys alone, we have seen a 7.8% drop in average house prices in the last 3 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 choice.
"While the UK economy is struggling as a whole, the evidence suggests that the pressure is reaching Wales sooner and more severely. 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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