Over 5,000 properties in the UK are being put up for sale each week as a last resort by homeowners to help overcome financial troubles, new research has revealed.
The findings from a recent survey of estate agents show that over one in five houses are currently on the market because their owners cannot afford the mortgage repayments .
More than half of the agents polled said that at least 20 per cent of their sellers were having difficulties with their mortgages due to the financial strain of the economic downturn .
Peter Bolton King, chief executive of the National Association of Estate Agents, commented: "It is those homeowners who were on cheap fixed-rate mortgage deals who cannot replace them and are struggling with the rise in repayments ."
The news further highlights the deteriorating state of the UK housing market, adding to recent reports claiming home repossessions have risen by 70 per cent over the last 12 months.
However, in his PreBudget Report on Monday, the Chancellor Alistair Darling said that measures will be put in place to help the thousands of vulnerable homeowners throughout the UK.
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Struggling Homeowners Forced To Put Properties Up For Sale Wed, 26 Nov 2008
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