The part of the UK hit hardest by the negative equity trap is Northern Ireland. According to figures from mortgage administration company HML, 41% of borrowers in Northern Ireland who have taken out mortgages since 2005 owed more than their house was worth during the last quarter of 2013. That is the highest rate of 12 UK regions.
That’s an incredible 68,000 households whose properties are worth less than their outstanding mortgages. One bit of good news is that prices are rising slowly and this figure for those in negative equity has dropped from over 75,000 in the last quarter of 2013. Still it is small comfort to those who wish to sell their properties and move on. Particularly as some analysts are forecasting that it will be several years yet before house prices in NI catch up to their peak.
Check out this article in the Telegraph for more details.