UK Money News
8th August 2008
UK repossessions hit 12-year high
The number of repossessions hit their highest level for 12 years during the first six months of this year, it has been revealed.
Around 18,900 homes were taken into possession by lenders during the period, according to new figures from the Council of Mortgage Lenders (CML).
This represents a rise of 48 per cent from the same period last year when the number of home seizures was just 12,800.
The number of homeowners who fell into arrears of three months or more also grew by 29 per cent to 155,600.
Sue Edwards, head of consumer policy at Citizens Advice, said: "We are continuing to see high numbers of people coming to see us with mortgage and secured loan arrears.
"Yet in too many cases lenders are still not doing everything they can to help borrowers in trouble, piling on extra charges, not negotiating with borrowers to come to a workable solution over repayment arrangements and using court action as a first rather than a last resort."
Earlier this year the CML had predicted the number of homes taken back by lenders this year would hit 45,000.
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