Repossessions Double in a Year
According to the data from Financial Services Authority, as rising household bills and the squeeze on lending took their toll on struggling borrowers, the figures of homeowners being repossessed almost doubled in 12 months to the end of last September.
FSA announced that the figure of homeowners falling into arrears has jumped by 10% in the third quarter of last year to 60000 cases. According to FSA’s data, 13161 properties were taken into possession by lenders in the third quarter last year. It is a 92% increase on the same period of the previous year. Meanwhile, the number of borrowers falling behind on mortgage repayments has increased sharply. With the borrowers increasingly struggling to clear arrears, the total number of households behind with their repayments increased by 10% over the quarter to 340000.
These figures paint a grimmer picture of the glooming situation in the market sector of housing.
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