Latest Debt News
Mortgage repossession orders rise
27/10/2005 14:36:00
The number of mortgage repossession orders issued in England and Wales has risen dramatically, new figures show.
The Department for Constitutional Affairs has revealed there was a sharp increase of 66 per cent in the last three months compared to the same period the year before.
The figures will increase fears about growing debt in the UK, as mortgage repossession orders rose from 11,862 to 19,682, the highest level since 1996.
However, more than half of the orders were suspended, allowing borrowers more time to try and pay back the money they owe.
Alan Clarke, UK economist at BNP Paribas, said: "The increase in mortgage possessions fits with the slowdown in house price inflation.
"The conclusion is there are still signs of financial stress among home owners."
Some of the worst hit areas were found in St Helens, Merseyside, and Eastbourne, Sussex.
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