UK Money News
15th August 2008
Possession orders up 24% in second quarter
The number of homeowners at risk of repossession climbed during the second quarter, as soaring living costs and higher repayments on mortgage debt impacted on more and more consumers.
The Ministry of Justice has revealed that during the period 28,658 possession orders were made by the courts in England and Wales.
This represents a rise of four per cent from the first quarter and an increase of 24 per cent from the same period last year.
Possession orders are an early stage in the process of home seizure and are effectively awards from court which allow a claimant to apply to have the occupier evicted.
Meanwhile, mortgage possession claims, which are the first stage in the repossession process, rose by 17 per cent to 39,078 in the second quarter of 2008.
News of the rise comes after the Council of Mortgage Lenders recently reiterated its projection that the number of repossessions in the UK will hit 45,000 this year - up from 27,000 in 2007.
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