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Repossessions increase by 92 percent in a year

March 8, 2009 by admin  
Filed under News, News-Mortgages

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According to a recent report the number of homeowners that were losing their homes through repossession in the third quarter of last year rocketed by 92 percent.

The figures showed that 13,161 properties were repossessed in the three months up to September, and this was almost double the number of repossessed properties in the third quarter of the previous year, reflecting an increase of 92 percent.

Officials from the have said that around there was an increase in the number of people that fell behind with their mortgage repayments, which increased to 340,000. This reflected a rise of 10 percent compared to the previous quarter and a rise of 24 percent on the year. This in turn led to the increased number of repossession proceedings.

The Financial Services Authority also stated that for the past five months there had been a monthly rise of around 4 percent in the number of people whose arrears came to more than 1.5 percent of their total mortgage debt. The number of homes that remained unsold following repossession also increased according to the FSA figures, partly due to the sharp rise in repossessions.

A number of other industry groups, including the Council of Mortgage Lenders, have also stated that there has been an increase in the number of people that have fallen behind with their mortgage. In the third quarter of last year around 11,300 homes were repossessed according to CML figures.

Compared to the previous quarter this was an increase of around 12 percent. With unemployment levels soaring and the deepening recession there are concerns that the situation could get even worse, and repossession levels could increase even more sharply.

Tags: business, repossessions, council of mortgage lenders, homeowners, mortgage debt, Financial Services Authority, total mortgage debt, repossession

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  1. Homeowners must be wary of repossession says:
    June 21, 2009 at 8:23 am

    [...] repossession levels having soared over the past year, and with predictions that the situation could continue to get worse, industry experts are now [...]



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