Repossession numbers began to rise again during the early part of 2011, jumping by 15%. A total of 9,100 properties were taken over by lenders during the three months to the end of March, according to the Council of Mortgage Lenders.
The group has predicted that a total of 40,000 people will lose their homes this year, up from 36,300 in 2010, due to the squeeze on household incomes as a result of the combination of rising taxes and living costs and slow wage growth. Around 166,900 people were in arrears of at least 2.5% of their outstanding loan at the end of March.
Industry commentators have also warned that Government initiatives to help keep people in their homes may simply be delaying a spike in repossession numbers.
The Glasgow & Edinburgh Branches Blog. Towards a better understanding of the world, in order to change it.
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