Home repossessions up 48%
The number of home repossessions in the UK property market has increased as more borrowers are slipping into arrears, according to a recent report.
New figures from the Council of Mortgage Lenders (CML) have revealed that during the first half of the year, 18,900 homes were taken into possession.
Statistics show that the proportion of all mortgages on which possession occurred in the period was 0.16 per cent in the first half of the year.
With these worrying statistics, it is no wonder that more and more people are choosing to look for flats to rent in London.
The survey shows that there was also a sharp increase in the number of homeowners slipping into arrears of three months or more on mortgage payments.
The total number of households falling behind on payments was 155,600 at the end of the first half of the year, up from 129,600 at the end of 2007.
The CML is now forecasting 45,000 total possessions and 170,000 mortgages in arrears of more than three months by the end of the year.
Published 8th August, 2008
© 2008 Estates IT Limited
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The number of home repossessions in the UK property market has increased as more borrowers are slipping into arrears, according to a recent report.