Franky on Finance

The number of homes being repossessed leapt by 41% in the first half of the year to hit the highest level since the mid-1990s and by 48% compared to the same period in 2007.  During the 1990s house price crash repossessions peaked at 38,900 in the second half of 1991, with a total of 75,500 homes seized that year.  However, the Council of Mortgage Lenders has predicted repossessions to accelerate further that it’s current figure of 18,900 and hit 45,000 this year.  The CML said it expected 170,000 mortgages to be in arrears of more than three months by the end of the year, however the numbers remained small in context of the 11.74 million mortgage borrowers in the UK.