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Repossessions Rise By 66%
According to The Mirror, more than 200 homebuyers a day are threatened with having their properties repossessed after falling behind with mortgage repayments. In the 66% on the same time last year.
"These figures are deeply worrying. While they are at low levels compared to the early 1990s, there are clearly big problems ahead," warned Liberal Democrat Treasury spokesman Vince Cable. "At long last the Chancellor has accepted there is a bubble in the housing market. Now he needs to recognise that for many it's sadly bursting."
Some experts blame the five increases in interest rates since November 2003. Others say it is "irresponsible lending" by banks and building societies which has seen some people borrowing up to five times their salary.
However, a Treasury spokesman stressed that the vast majority of cases, highlighted by the Department for Constitutional Affairs, did not end with homes being repossessed as people can still negotiate at the 11th-hour with their lenders.
The Council of Mortgage Lenders added that the actual number of homes repossessed in the first half of the year was 4,640. It predicts the end of year total will be 10,000, compared to a peak of 75,540 in 1991.
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