Home seizures up 12% with more on way
Published Date:
22 November 2008
By ROSS LYDALL
THE number of homes being repossessed has increased by 12 per cent across the UK, new figures revealed yesterday.
A total of 11,300 properties were seized between July and September, compared with 10,100 in the preceding three months, according to the Council of Mortgage Lenders. At the same time, it said the number of mortgages in arrears had risen 8 per cent to 168,000, sparking fears of a sharp rise in repossessions as the recession bites and up to three million people are thrown out of work.
The Scottish Government yesterday announced an extra £3 million for legal advice for people at risk of losing their home, while Gordon Brown, the Prime Minister, urged banks to ensure all avenues were explored before homes were taken back. He signalled that Northern Rock, which has been criticised for its level of repossessions, may have to rethink its practices.
"I am telling the banks that it is a bad thing for them to move to repossessions because people are in temporarily difficult circumstances," he said.
The full article contains 183 words and appears in The Scotsman newspaper.
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Last Updated:
21 November 2008 9:25 PM
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Source:
The Scotsman
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Location:
Edinburgh
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Related Topics:
Credit Crunch
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Mortgage and property news
