Being in debt is a burden you can feel all day every day. It colours your whole life, it makes decisions for you, and it’s always a decision you would rather not make.
Birmingham, a city in the West Midlands area of the UK is one place where this effect is felt most strongly. It was once a booming industrial area with a huge and prospering manufacturing base.
They have all gone, and it’s not just the car industry in the Birmingham area that has been ravaged. Just about every form of manufacturing, as well as those industries and services that support manufacturing have all but disappeared
In areas like this, many home owners, particularly those that bought towards the end of the “boom” in the 2000′s have been left with debt problems, and very little prospect of being able to control it.
There are possibilities. Some hard decisions are being made. It is possible that many are considering down sizing homes. While others look to mortgage or even re mortgage their home to service debt in other areas.
But of course it isn’t that easy at the moment. There is a problem;
The lack of those looking to buy is making it a very frustrating time. Even after reducing the asking price several times, homes are simply not selling at any price.
The Birmingham area is full of houses with “For Sale” signs in the garden. Most have been in place for months. The home owners that I know – who are looking to sell – tell me that they are not even having first enquiries. Most have not had an offer of any kind.
Being told that we are “coming out of recession” is cold comfort for many. The reality of home owners looking to sell is not to be found in these facts and figures. Prices in agents windows are still in free-fall in many areas
The housing market in areas such as the West Midlands is stagnant, and qualified agents – normally the most optimistic of people – say that the situation may not improve significantly for two years or more.
If you are looking for a buyer it can be an expensive and frustrating effort. Normally undertaken with the pressure of mounting debt.
Sell your home in Birmingham UK or see what others have said about Selling your house in the West MIdlands