9 May

Repossessions of UK homes increase

Repossessions of UK homes increase

The number of homeowners facing repossession has risen by 16 per cent over the last year, according to a new report from the Ministry of Justice.

Its data shows that there was a seven per cent increase in the number of mortgage possession claims made in the first quarter of 2008 from the previous three months, with the figure rising to 38,688.

However, during the same period, 47 per cent of repossession orders were suspended in order to allow the borrower time to catch up with mortgage repayment and potentially keep their home.

Following the release of the figures, the Royal Institution of Chartered surveyors (RICS) warned that the difficulties faced by some homeowners in keeping up with mortgage repayments "may be exacerbated over coming quarters if people who want to re-mortgage find it hard to secure an affordable rate on their new deal".

It predicted that repossessions will increase to total around 43,000 by the end of 2008, although that is still significantly lower than the 1991 level of 76,000.
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