Repossessions must 'take centre-stage'

Posted: 06 Mar 2009 08:20:05 GMT

The ailing construction industry must receive more attention from the government, Liberal Democrat shadow housing minister Sarah Teather has claimed.

Ms Teather called on the government to do more to protect homeowners from the threat of repossession, while also offering support to the construction industry, which is suffering from an acute lack of demand of new homes.

Following the publication of Council of Mortgage Lenders (CML) figures showing that 40,000 repossessions were made throughout 2008, Ms Teather made a statement to the press regarding the need for more attention from the government.

"The scale of the crisis shows that the government has got to tackle the twin threats of repossessions and the collapse of the construction industry," Ms Teather said.

"Ministers must protect people by making sure repossessions are only ever a last resort and invest massively in social house building to support struggling construction companies."

The CML predicted that there will be a further 75,000 repossessions made this year.

Many homeowners hoping to avoid the threat of repossession may wish to find cheaper properties online, in order to downsize from their current home.



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