House Repossessions On The Rise

The number of new repossessions in the third quarter of 2009 reached 14,000 in a 2.8 per cent rise on the previous three months, data from the Financial Services Authority reveals.

The FSA’s data on UK mortgage lending shows that this number of repossessions was five per cent below the peak at the start of the year, while new arrears cases continued to fall, decreasing 10 per cent in the third quarter to 46,000.

The number of new repossessions in the third quarter of 2009 reached 14,000 in a 2.8 per cent rise on the previous three months, data from the Financial Services Authority reveals.

The FSA’s data on UK mortgage lending shows that this number of repossessions was five per cent below the peak at the start of the year, while new arrears cases continued to fall, decreasing 10 per cent in the third quarter to 46,000.

At the end of the third quarter the total number of accounts in arrears had fallen to 395,000, a decrease of two per cent in the quarter, but 16 per cent higher than for the same period in 2008.

Shelter director of policy and campaigns Kay Boycott said: “These figures reflect the fact that schemes to help struggling home owners are making a difference on the ground and, most crucially, helping people stay in their homes.

“Our new report out today (Turning the Tide) shows that in eight out of 10 cases where people got free legal advice through court desk schemes they avoided immediate repossession.”

She added: “This is why government must keep funding free independent advice in court and we welcome the additional funding announced today. Free advice at point of possession should be a right that continues even after the recession ends.”

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