Repossessions figures release by government

17/08/2009

New repossession statistics from the Ministry of Justice (MoJ) have revealed that people are losing their homes at a lower rate than before.

The government said that 26,418 repossession claims were made over April-June, a rise from January-March's total of 23,968.

It is also 32 per cent down on the same period in 2008.

Many homeowners have faced a struggle with funding their mortgage costs in the credit crunch, leading to an increase in repossessions.

The findings follow the release of figures by the Council of Mortgage Lenders (CML), which found that the rate of repossessions had fallen by ten per cent over April-June.

Despite this decline, the overall number was still 14 per cent higher than the same period last year.

The CML's figures differ from those of the MoJ as they apply to the repossessions themselves, rather than the number of repossession claims made by lenders.

In addition, the government data only apply to courts in England and Wales.

Jackie Bennett at the CML said: "With unemployment rising and the economy still weak, the outlook will remain challenging for the rest of this year and into 2010."

Tags; Housing Debt and Bills, Young Family Finances,

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