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An estimated 25% rise in repossessions predicted
09/05/2008 09:51:00
A 25 per cent increase in the number of homeowners who face losing their homes during 2008 has been predicted by a new set of figures.
The results of a study of the number of repossession cases passed through courts in England and Wales conducted by the Ministry of Justice is expected to reveal that over 40,000 instances will take place during the first quarter of this year.
Over 33,000 cases were recorded during the first quarter of 2007.
A spokesperson for Debt Advisers Direct said: "2007's repossession figure was a real wake-up call: the last time we saw more repossessions was back in 1999, the final year in a decade in which nearly half a million properties were repossessed."
It is worrying to see repossessions once more rising to this kind of level, they said.
A study by Council of Mortgage Lenders from earlier in the year predicted that up to 45,000 cases of repossession during 2008.
A total of 27,100 homes were taken back during 2007.
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