Released on = May 4, 2007, 3:28 am

Press Release Author = Charlotte Burrows

Industry = Real Estate

Press Release Summary = British families are increasingly susceptible to an economic
crisis, the Bank of England has warned says National Homebuyers.

Press Release Body =

The Bank\'s bi-annual Financial Stability Support cautioned of the dangers of
Britons\' personal debt, which has reached a combined £1.3 trillion - leaving many
especially sensitive to increases in interest rates and \'abrupt\' economic downturn.

According to the report, household debt has increased to 150 per cent on average
annual incomes - up from 100 per cent at the end of the last decade.

As a result, the bank has warned Britons to cut back on spending - especially as
data from the Council of Mortgage Lenders (CML) shows financial precariousness among
Britons has led to ever rising numbers of repossessions.

Although total repossession figures are well off their 1991 peak - when 75,540
people in the UK lost their homes - they increased by 65 per cent in 2006 to reach a
three-year high, data from the CML shows.

The CML predicts 18,000 repossessions both this year and next.

Julian King, director of the UK\'s leading quick sale property company National
Homebuyers adds: \"We find it hard to believe that homeowners have ignored the
warning signs for the last 24 months.

\"Being at the forefront of the UK property market and solving peoples\' financial
problems every minute of the day, we confirmed that homeowners would feel an
increasing \'pinch\' on their available funds as long as two years ago.

\"The rise of 65 per cent in repossessions last year must surely set some sizeable
alarm bells ringing to everyone. National Homebuyers recommends that people who are
facing financial difficulty to speak to us immediately before their situation
becomes unmanageable.\"

Web Site = http://www.nationalhomebuyers.co.uk/newsarticle.asp?ID

Contact Details = Sterling House
20 Victoria Way
Burgess Hill
West Sussex
RH15 9NF
08709798118