Home repossessions stay low

Posted: 13 Sep 2007 10:46:47 GMT

            Property News - Home repossessions stay low

The number of homes in the UK which are being repossessed remains low.

The number of homes in the UK which are being repossessed remains low.

That is according to the Royal Bank of Scotland (RBS), which says that the majority of British homeowners are not facing financial difficulty.

RBS' comments follow the publication of figures from Citizens Advice, which show that enquiries at its bureaux in England and Wales rose by 20 per cent in the last 12 months.

The charity also pointed out that 11 per cent of all enquiries concerned mortgages and secured loans, but RBS pointed out that the number of people struggling with their mortgages is historically low.

"When you look at the mortgage data, the number of people who are facing payment arrears, home repossessions are still at very low levels historically," RBS economist Ross Walker told BBC One's Breakfast programme.

Rising interest rates has been cited as one problem which is causing difficulty for some homeowners but recent research suggests that a change may be in the air.

Reuters polled 50 economists and found that around 80 per cent do not see rates rising again in 2007, with a fall forecast towards the end of 2008.

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