Home repossessions at 12-year high
Updated on 08 August 2008
Soaring numbers of borrowers struggling amid the credit crunch sent home repossessions to the highest level for 12 years in the first half of 2008, figures have revealed.
Lenders repossessed 18,900 homes after their owners failed to keep up with mortgage repayments, up 48% on the same period last year, the Council of Mortgage Lenders (CML) said. And the CML warned the figure is set to reach 45,000 by the end of the year.
The home repossessions in the first six months of the year -equivalent to 0.16% of all mortgages - compares with 12,800 in the first six months of 2007 and 13,400 in the second half of last year.
These news feeds are provided by an independent third party and Channel 4 is not responsible or liable to you for the same.
