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UK house repossessions soar

09/05/2007

Repossessions has increased rapidly since 2007, over 38,688 repossession claims were made from the start of 2008 to March.

The Council of Mortgage Lenders estimated that repossessions should reach 45,000 this year compared to only 8,000 during 2004.

To avoid repossessions the Government has placed forward a package to help mortgage holders. The county courts are offering free legal representation to homeowners who are currently fighting repossession.

Alistair Darling, the Chancellor, met representatives from the biggest banks, Lloyds, Barclays, Abbey, RBS, HBOS and HSBC, to concur measures planned to help homeowners avoid debt.

The housing minister, Caroline Flint, commented:

"Most lenders are now passing on interest rate cuts and we want to see the rest follow as soon as possible. But for the minority of owners who may need support and advice now, we want to ensure it is there for them in the right place and at the right time.

"The fundamentals of the housing market remain strong with high employment, low interest rates, and long-term demand for homes from first-time buyers."


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