According to a recent report released by Moore Stephens, there has been a 58% jump in the value of mortgages written off by UK banks in the last year. This rapid rise could be an early sign of distress in the housing market, the firm has stated.
This jump in the value of residential mortgages written off by UK banks and building societies from 77m to 122m in the year ending 30 June 2018 marks the first increase in the value of write-offs since 2013-14.
In recent months, house price growth has stalled across the UK; Moore Stephens has also warned that further interest rate rises could increase write-off…
Read the full article at: https://www.accountancyage.com/early-signs-of-distress-in-housing-market/