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Negative Equity highest in Northern Ireland

March 11th, 2014

The rate of negative equity in Northern Ireland is 41%, the highest in th Uk.

Around 68,000 home owners in Northern Ireland owe more on mortgages than their home is worth. The rapid rise in property prices between 2005 andd 2007, and subsequent collapse has left owners struggling more than any other part of the UK. Very modest prices rises over the last year has done little to help the situation.

The Alliance Party’s Stewart Dickson, a member of the assembly’s regional development committee, said mortgage lenders must help.

“It’s a very serious problem we’re approaching nearly half of those people with mortgages in Northern Ireland in negative equity,” Mr Dickson said.

“I think one of the things that we might be able to do in the social development committee and indeed the Northern Ireland Assembly is to look to see how we can encourage the bigger mortgage lenders to help people move that negative equity.

“It is something that regrettably the bigger lenders are going to have to tackle.”

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