20 February 2009

NAEA - GOVERNMENT STUDIOUSLY IGNORED LESSONS FROM THE LAST RECESSION ON REPOSSESSED HOMES

 
On the announcement from the Ministry of Justice (MoJ) that mortgage repossession orders remained at a high level in the last quarter of 2008, the NAEA and ARLA share the same view.
 
Peter Bolton King , Chief Executive of the National Association of Estate Agents, comments:
 
“Whilst every extra repossession is to be regretted, there is a real need to maintain some perspective in regard to these figures. The scenario we currently face in relation to repossessions is no worse than during the recession of the early 1990s, when there was even less protection for the consumer.
 
“The inconvenient truth for Gordon Brown is that this is yet another example of how the Government’s failure to immediately recognise the severity of the economic situation, leading to a piecemeal approach which has been an unmitigated failure. But with the Budget coming up, it’s clear that there is a real opportunity to get the property market and the economy back on track and to help Britain’s families keep their homes.”
 

Editor Notes

 
 
About the NAEA

The National Association of Estate Agents (NAEA), the residential sales arm of the National Federation of Property Professionals (NFOPP), is the UK’s leading professional body for estate agency personnel, representing the interests of around 10,000 members who practice across all aspects of property services both in the UK and overseas. These include residential and commercial sales and lettings, property management, business transfer, auctioneering and land.

The National Association of Estate Agents is dedicated to the goal of professionalism within all aspects of property, estate agency and land. Its aim is to reassure the general public that by appointing an NAEA member to represent them they will receive in return the highest level of integrity and service in both sales and lettings, for all property matters. Each NAEA member is bound by a vigorously enforced Code of Practice and adheres to professional Rules of Conduct. Failure to do so can result in heavy financial penalties and possible expulsion from the Association.
 

Contacts

 
For further information contact:
 
NFOPP PRESS OFFICE
 
Tel: 020 3128 8181
E-mail: press@nfoppmedia.com