Repossessed Property News
Home repossessions rise to 27,000 (February 08, 2008)
Home repossessions rise to 27,000
The number of people whose homes were repossessed last year has risen by 21%.
The Council of Mortgage Lenders said 27,100
homes, the highest figure since 1999, were taken over by lenders after
people fell behind with repayments. The figure for the UK is more than the
22,400 in 2006, but not as extreme as the CML had forecast. It is still
a sharp rise on the 8,500 of 2003. And the CML warned that the number of repossessions was likely to rise again in 2008.
Meanwhile, the numbers of mortgages in arrears rose by 8.6% compared to 2006, it said.
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