Rise in repossession orders
September 1, 2008
According to a recent report there has been a significant rise in the number of repossession orders being filed. Another report has already shown that there has been a rise of 41% in actual repossessions in the first half of this year compared to the last six months of last year, and 48% compared to the first six months of last year.
This recent report shows that there has also been a rise in repossession orders.
The Council of Mortgage Lenders has predicted that the level of repossession will rise significantly over the course of this year, and could rise to around 45,000 or so. This is reflected in the rise in repossession orders that are being filed, with repossession order levels rising by around 25% according to recent figures. During the second quarter of this year there were around 28,658 repossession orders filed, and this was up by one quarter compared to the second quarter of last year.
Many industry officials are now concerned that these rising figures indicate that many more families could end up losing their homes as a result of being unable to keep on top of their mortgage repayments, which is what officials from the Council of Mortgage Lenders have already predicted.
However, the Housing Minister, Caroline Flint, has said that the government is doing all it can to help those in this sort of situation, stating: ‘We are making sure the right advice and support is available for the minority of borrowers who may need it because of global economic pressures. We are working-with lenders to ensure that repossession is only ever a last resort.’
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