Repossessions make significant jump |
28 2008 |
| The Financial Services Authority (FSA) has published figures regarding the number of repossessions occurring in the UK showing that numbers for the second quarter of 2008 rose by 71 per cent. Compared to the same quarter in 2007 the number of repossessions jumped by over two thirds, bringing the total number of repossessions for the quarter to 11,054. At present there appears to be an increasing number of factors affecting the housing market but few would suggest it is likely to recover in the coming months. The Council of Mortgage Lenders has in fact recently suggested that 45,000 homes will be repossessed this year; almost double the 27,100 recorded in 2007. Those who had rushed into buying a property and overstretched themselves to do so may be among those likely to be facing repossession. Many would-be first-time buyers are instead now looking at renting accommodation to avoid the danger of having a home repossessed, with demand for rental property rising by 50 per cent this year alone, according to Your Move.  |
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