Mortgage possessions up 17%
There has been a 17 per cent increase in the number of mortgage possession claims, according to the Ministry of Justice (MoJ).
Figures from the MoJ revealed that 39,078 mortgage possessions were issued in the second quarter of 2008, meaning that many people are turning to renting in London.
The report also showed that there was a sharp increase in the number of mortgage possession orders, the next stage in the repossessions process, issued in the second quarter of the year.
The MoJ claims that 28,658 mortgage possession orders were made on a seasonally adjusted basis, which is 24 per cent higher than in the second quarter of 2007.
Overall, last year only 26,200 properties were taken into possession, with the Council of Mortgage Lenders (CML) now issuing a caution.
Last week, the CML released data showing that the number of properties taken into possession in the first six months of 2008 was 18,900, which represents 0.16 per cent of all loans on the UK market.
The CML is now predicting that there will be 45,000 total possessions and 170,000 mortgage arrears of more than three months by the end of 2008.
Published 15th August, 2008
© 2008 Estates IT Limited
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There has been a 17 per cent increase in the number of mortgage possession claims, according to the Ministry of Justice (MoJ).