Magazine article Public Finance

Rise in Repossessions Sparks Call for Better Housing Advice

Magazine article Public Finance

Rise in Repossessions Sparks Call for Better Housing Advice

Article excerpt

Better advice should be offered to prospective homeowners to avoid them becoming victims of the credit crunch, housing professionals warned this week.

With the demand for social housing rising due to home repossession orders, members of the Chartered Institute of Housing called on the government to fund more holistic advice services that include helping tenants make the right decision over buying a home.

About half of housing professionals surveyed by the CIH reported increases in the numbers requesting social housing. Almost 60% said the risk of homelessness was rising in their area; 68% said demand for debt advice and counselling was increasing; and 71% urged the government to regulate home ownership to ensure people did not borrow more than they could afford. …

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