Storage in demand as repossessions soar
Cardiff Self Storage based at Wentloog Corporate Park reports that it has witnessed an increase in the number of people requiring a domestic storage unit as the number of householders unable to pay their mortgage worsens.
While it is hoped that the drastic interest rate cuts predicted today will help to reduce repossession levels by making it easier for households to keep on top of repayments, The Council of Mortgage Lenders has estimated that repossessions will reach 75,000 this year, a 67 per cent increase on this year's figure of about 45,000 – an all time high.
Says Tim Goodson, managing director of Cardiff Self Storage: “The worsening economic backdrop has meant that over the past six months we have experienced an increase in the number of people requiring domestic storage.
“Both people hoping to sell their own home in advance of the predicted recession and those facing repossessions have come to us for the safe storage we provide, whilst taking advantage of our great prices and flexible storage arrangements.
“With experts predicting and increase in the number of cases as the economic situation worsens, I hope that lenders will find solutions to help minimise repossessions in 2009. The predicted rate reduction could be a step in the right direction if banks commit to passing savings onto borrowers."
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