FM28 - Repossessions on the Up

The number of repossessions has risen by nearly 30% compared with the first half of 2006, according to the latest figures.

The figures have prompted an outcry among consumer groups who say Britain’s mortgage lenders are too quick to repossess the homes of those in arrears.

A total of 14,000 homes have been taken in the last three months – prompting the Citizens Advice Bureau to hit out at over zealous banks and building societies. The figures mirror the jump in repossessions last seen in the early 1990’s.

The majority of the 125,000 falling behind on payments were in arrears of three to six months, while 38,300 were in arrears of six to twelve months and 15,000 were more than twelve months in arrears.