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Anti repossessions plans revealed
With repossessions rising, housing minister Caroline Flint has revealed plans to tackle the issue.
Advice and debt counseling organisations have been given an additional £3m per year for the next 3 years and free legal representation is available for homeowners at risk of repossession.
The minister was keen to point out that the market and the wider economic conditions are substantially different to the recession led housing crash of the 1990s. This supports the view that the housing market is seeing a short term correction.
Speaking as the plans were launched Flint said “Most lenders are now passing on interest rate cuts and we want to see the rest follow as soon as possible. But for the minority of owners who may need support and advice now, we want to ensure it is there for them in the right place and at the right time."
