Repossession numbers 'on the up'

23/01/2009

Repossessions are on the rise, new figures for July-September 2008 show.

The Financial Services Authority (FSA) data found that 13,161 people lost their homes over the three months.

In the same period in 2007, this total was 92 per cent lower.

Elsewhere, the FSA figures showed that the mortgage market came under increasing strain in the second half of last year.

New lending stood at just £61 billion over July-September, down from £102 billion over the same period in 2007.

The number of loans in arrears was also on the up - and the proportion of mortgage approvals to people who had had an adverse credit history dropped markedly.

Mortgage lenders have been hit hard by the global credit crunch, the effects of which accelerated in 2008.

The financial crisis has led to many firms tightening credit conditions for borrowers, withdrawing cheap loan deals and failing to pass on Bank of England interest rate cuts to customers in order to protect their own balance sheets.

Tags; Housing Debt and Bills, Young Family Finances, Credit Card Lifestyle,

• Share
• 
• 
• Store
• 
• Follow
•