Repossessions Continue to Rise

According to the Council of Mortgage Lenders (CML) the number of homes repossessed by mortgage lenders rose by 12% to 11,300 in the third quarter of the year. Figures suggest that many more borrowers could lose their homes as the economy falls into recession.

The number of people in arrears compared with the previous quarter, also rose by 8% to 168,000. Repossessions have climbed as more borrowers struggle to meet their mortgage repayments - as low-interest rate deals come to an end and unemployment increases.

Last property slump

While the number of homes being repossessed by lenders has increased progressively in the past few years, they remain lower than they were in the depths of the last property slump in the early 1990s.
The number of repossessions this year now stands at 30,200. By contrast 75,500 homes were taken back by lenders in 1991.