UK Money News
9th May 2008
Repossession claims up 8.5%
New figures to be released today will show a rise in the number of repossession claims issued by lenders, providing evidence of the increasing strain being felt by homeowners.
The data, which has been compiled by the Ministry of Justice, will show that the number of repossession claims rose by 8.5 per cent during the first three months of 2008.
This brought the figure to 36,688 from 35,662 claims registered during the last quarter of last year.
Sue Anderson, spokesman for the Council of Mortgage Lenders, conceded that the data paints a gloomy picture for the sector but noted that these figures represent the first stage of repossession process and consequently do not accurately reflect the actual number of repossessions.
She said: "The figures are important for indicating a trend. But it must be borne in mind that the figures for court repossession orders are likely to present a far bleaker picture than we find with actual repossessions."
Over 2007, 27,100 homes were repossessed - a three-fold rise of 21 per cent from 2006.
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