Home repossessions soar

Posted: 06 Nov 2006 10:32:38 GMT


            Property News - Home repossessions soar

Mortgage repossessions rose by more than a fifth in the third quarter of 2006 compared to the same period of 2005, government figures have shown

Mortgage repossessions rose by more than a fifth in the third quarter of 2006 compared to the same period of 2005, government figures have shown.

Courts ordered 24,017 repossessions between July and September, although half were "suspended orders" allowing the owner to catch up with their arrears.

Analysts said the figures showed that some first-time buyers could be over-stretching themselves to get on the ladder, while many in the UK struggled with record debt levels.

The figures come ahead of a widely-expected interest rate rise this week, likely to place extra pressure on homeowners' finances.

The number of actions entered – the legal process of actually seizing a home – were up 15 per cent on last year, at 34,626.

Separate government figures showed that the number of people declaring themselves insolvent during the third quarter increased to a record 27,644.

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