Repossessed Property News
In 2007, a total of 27,100 homes in the UK were repossessed. (February 13, 2008)
In 2007, a total of 27,100 homes in the UK were repossessed. (February 13, 2008)
Safe as houses? Don't bet on it
Merryn Somerset Webb, Evening Standard
12 February 2008
In 2007, a total of 27,100 homes in the UK were repossessed. That
might not sound too serious, but it is. The figure is up by 20% on
2006, and well over a third of the number seen in the worst days of the
bear market in house prices at the end of the 1990s.
Even worse, it reflects the state of the market before the credit
crunch really started kicking in - before mortgage rates really started
rising and, of course, before house prices started falling. Yes, you're right, the market was turning nasty at the end of 2007
- and these numbers do include that period - but there's quite a
time-lag between missing a payment and losing your house. Anyone who had their house repossessed in the last quarter of
2007 must have got into trouble some months earlier - in other words,
at a time when interest rates were low and credit relatively easy to get Click here to return to the News page
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