Repossession have soared by over 40%
September 18, 2008
According to recent figures repossession levels in the UK have soared by over 40 since the start of this year, showing the serious effect that the global credit crunch and tighter lending conditions have had on homeowners. With higher living costs and bills also impacting on household budgets, an increasing number of people have fallen behind on their mortgage repayments, and this has resulted in a 41% increase in the level of repossessions since the start of this year.
Officials from the Council of Mortgage Lenders confirmed the increased figures, but said that not everyone was falling behind with their mortgages, stating: ‘The number of people facing difficulty needs to be kept in perspective. The good news is that most people are coping well and continuing to pay their mortgages in full, despite the higher costs of food and fuel and the higher mortgage rates now prevailing in the market for those coming off cheaper original deals. ‘
He added: ‘But it is inevitable that more borrowers’ coping strategies will come under pressure in current conditions than in the unusually benign years of the last decade. That’s why lenders, government and the advice sector are working closely together to minimise the impact on borrowers.’
However, despite this statement the CML also confirmed that in the first six months of this year there were 18900 repossessions, and this was an increase of 41% compared to the six months previous, and a rise of 48% compared to the first six months of 2007. CML officials have predicted that repossession levels will continue to rise over he rest of the course of this year, with repossession set to rocket to 45,000 or beyond.
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