The Negative Equity Trap
Issued : Monday 1 March, 2010
There is mounting concern at the lack of action on behalf of the Government in relation to those who find themselves trapped by negative equity in their homes. Labour has made calls to implement measures to avoid repossessions in the case of families or individuals who cannot meet their mortgage repayments.
People are also feeling hugely trapped in homes that may not meet the needs of their growing family or their changing circumstances. They are unable to sell their homes and could be trapped for decades and face overcrowding. The potential social and economic fall-out from this problem could be devastating. My colleague Cllr. Caitriona Jones has been seeking assurances that South Dublin County Council’s housing department will provide a safety net for who are worst affected.
