Debt puts more property up for sale

New instructions to sale rocketed by 18 per cent in May, the fastest increase for a year.

The stock of available homes for sale also increased to an average of 72.4 properties per surveyor in May, up from 71.5 in the previous month.

“The upturn in the number of sellers suggests that some households are feeling pressure from high debt burdens as unemployment has crept up over the past 18 months,” Rics said, according to Reuters.

Britain’s debt burden has reached £1.2 trillion and has prompted the governor of the Bank of England to issue his concerns that it might start affecting families.

However, it appears that it may be too late for some as debt forces many to sell their homes.