Repossession orders rise

Last Modified: 09 May 2008
Source: ITN

The number of homeowners at risk of losing their properties has soared by nearly a fifth in the past year.

The Ministry of Justice has published figures showing how many mortgage repossession orders for homes in England and Wales were made through the courts during the first quarter of the year.

Government data showed there were a total of 27,530 orders, up 17 per cent on the same period a year ago.

The figures are also 9 per cent higher than the last three months of 2007.

The number of repossession claims - the first stage of the repossession process - was also 16 per cent up at 38,688 compared to a year ago, and 7 per cent higher than the previous quarter.

The data provides an early indication of how homeowners coming to the end of short-term fixed rate deals are coping with higher mortgage repayments, in the wake of the credit crunch.

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