Home repossessions 'on the increase'

Posted: 30 Jan 2012 16:56:53 GMT


            Property News - Home repossessions 'on the increase'

The level of home repossessions in the UK has reached a two-year high.

Home repossession numbers in the UK are on the increase, with such levels reaching a two-year high.

According to new figures from the Ministry of Justice - an organisation employing around 76,000 people - 16,600 tenants were removed from their dwellings in the third quarter of last year, which represented a rise of 20 per cent and was the largest sum since the beginning of 2009, Metro reports.

While nearly half of the repossessions occurred on behalf of mortgage lenders and 1,627 on through private proprietors, 5,140 tenants were evicted by social landlords.

Housing expert Dominic Lipnicki noted the situation is getting worse as a result of individuals finding themselves in tougher financial circumstances.

The industry figure added: "Lenders are also becoming less generous with requests for payment holidays or interest-only payments and all of this will only have one result – more repossessions."

It was also shown that the use of bailiffs leapt considerably between July and September last year, escalating to 16,574 from 13,796 in the months before.