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Debt and poverty make it impossible for first time buyers to get on the over inflated property ladder, and for those already on it, their mortgages can soon turn into burdens when they become unaffordable. It can be hard to stop house repossession if your finances can’t keep up. And according to the social policy think tank, The Joseph Rowntree Foundation, the gap between rich and poor is wider then it has been for forty years.
The disproportionate gap between rich and poor however means it is becoming harder for those in poverty to stop house repossession. Shelter is a basic human need and without it a person’s welfare and future are at risk. Homelessness impacts on mental health and can drastically reduce future prospects in terms of employment, health and relationships. It’s important to stop house repossession to stop the slide into further deprivation.
However, research shows that the rich are getting richer and the poorer, poorer. The number of poor households has risen sharply over the past 15 years, putting them at an increased risk of mortgage arrears. Debt and poverty makes it harder to stop repossession. Society is increasingly ‘polarised’ according to the Rowntree Trust after the economic boom in the eighties and nineties resulted in increasing inequality.
The wealthy in society made huge amounts of money from the property boom and continue to do so. But that means bad news for those who don’t own property, are trying to get a foot on the property ladder or who can barely afford to run a property. It is increasingly harder to stop house repossession as eviction orders are on the increase as a result of the high cost of home ownership.
The split between rich and poor only seems to be getting worse. At the extreme end, celebrities, pop stars and footballers get paid obscene sums of money and own extensive property around the world. At the other, people in occupations such as nursing, police and teaching are on average salaries – if you live in property hotspots such as London or the south, it can be impossible to afford a home on an average salary. It can be harder to stop house repossession, even if you are earning an average salary in a trained profession.
