Posts Tagged ‘Repossession’

Repossession orders rise by 24%

Friday, August 15th, 2008

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Official figures show 28,658 mortgage possession orders were made in England and Wales during the second quarter of the year, up 24% on the same period a year ago.  In London, the number of court orders rose by 12% to 4,052.  There were large increases at several county courts including Edmonton, 34% to 395, Kingston-upon-Thames, 22 per cent to 93, and Brentford, 20 per cent to 191.  A mortgage repossession order, granted by a court, entitles the claimant - usually a lender - to apply to have the occupier evicted. But a significant number of homeowners issued with an order manage to avoid being forced out.

Councils are also looking at a safety net scheme where they would take over the mortgage, or part of it, of people falling into arrears and then rent back the property.

Repossessions on the rise

Friday, August 8th, 2008

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.

Repossessions to soar by a quarter

Monday, April 28th, 2008

Home repossessions will soar by almost a quarter this year as the credit crunch bites, a leading economic consultant has warned.  Around 33,400 people could lose their homes during 2008 - 23% ahead of last year - the Centre for Economics and Business Research (CEBR) said.  Mortgage deals are also set to remain expensive until the pressure in money markets eases, according to the group’s latest consumer and housing prospects report.  The warning comes despite the Bank of England’s £50bn bid to tackle the crisis last week by allowing banks to swap their riskier assets for safer ones in an attempt to kick-start credit markets.  Until the mortgage finance starts to flow again, the outcome will be a reduction in house prices and an increase in repossessions.
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