The house next door has been sold at auction after it was repossessed. Our neighbour who is on the case with these things found out the price from the auction house. It went for less than half the price that was originally paid.
This is bad news for neighbours who want to rearrange their mortgages after coming off fixed rate deals. The value of the houses has dropped so much that they can’t go anywhere else, but have to stay with the original mortgage companies on the (most expensive) variable rate. We are thankful for living in a tied house, even if it confuses people when we fill in surveys and applications.