UK Money News
28th April 2008
33,000 homeowners facing repossession
The number of homeowners losing their homes is set to soar this year, as higher mortgage repayments impact on affordability.
According to figures from the Centre for Economic Business and Research (CEBR), at least 33,000 homeowners will lose their house this year.
This would represent an increase of 25 per cent compared with 2007, the research group said.
CEBR also forecasts a fall in house prices of ten per cent over the next two years and a 25 per cent drop in completed transactions.
Nur Ata, a senior economist at CEBR, said: "As the credit crunch bites, people will have to spend a greater proportion of their incomes on mortgages than they have done in the recent past.
"When affordability becomes a problem, the inevitable result is a rise in the number of repossessions."
By way of comparison, during the property crash of the early 1990s annual repossession figures stood at a peak of 75,000.
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