Friday, May 09, 2008

Rise in repossessions

9/ 5/2008

THE number of people at risk of losing their homes has risen nearly a fifth in the past year, figures showed today.

Government data showed 27,530 mortgage repossession orders were made in the first quarter of this year, up 17 per cent from a year ago and a 9 per cent rise over the last quarter of 2007.

The number of repossession claims was also 16 per cent up at 38,688 compared to a year ago, and 7 per cent higher than the previous quarter.

The data offers an early indication of peoples' ability to cope with higher mortgage repayments after coming to the end of short-term fixed rate deals.

A mortgage repossession order is granted by a court and entitles the claimant - usually a lender - to apply to have the occupier evicted. A claim is issued in a county court and begins an action for repossession.

The numbers of both actions are at their highest levels for at least six years.

The Bank of England resisted making its fourth interest rate cut in six months yesterday as rates were held at 5 per cent.
NWN: This is one area where Government should step in to ensure usury by the private sector benefitting from repossessions becomes history.


Anonymous said...

There is a solution to the forthcoming re-possession crisis,a quite logical one really-everybody should stop paying there mortgage!!!!

Anonymous said...

Well that would be one solution, but unless millions do it, 'the few' will just end up 'on the streets' fighting with immigrants for council housing.

Anonymous said...

Thats a nice pic of sid Pisspants you got there. I was wondering what he would get up to now that the bpp has let him go. Looks like the diet is working though.

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