CML reports 12% rise in repossessions

Posted: 22 Nov 2008 12:51:11 GMT

Research from the Council of Mortgage Lenders (CML) has shown that repossessions rose by 12 per cent in the third quarter of 2008, it has been reported.

The CML figures show repossessions rise by 400 per month between July and September 2008, hitting a total of 11,300 for the quarter.

Housing minister Margaret Beckett suggested that the government is aware of the hardships felt by families and is creating new measures to help deal with the rising repossessions.

"The government is taking action to protect the most vulnerable families from repossession.

"[This includes] a new court protocol to make sure lenders are exploring all avenues before making a claim in the courts, a £200m mortgage rescue scheme, more free legal representation in county courts, and more free debt advice."

With so many repossessions now being made, those looking for property may do better looking online, rather than in estate agents, in order to find some of the more varied deals available.

© Houseladder Ltd


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