Increase in number of mortgage arrearsForecast suggests mortgage debt will keep rising
22 November 2008
Number of repossessions increases by 12 per cent as mortgage borrowers struggle with debts and arrears.
More than 11,000 homes were repossessed during the third quarter of the year, 12% higher than in the second quarter, figures out today showed.
The Council of Mortgage Lenders' data released today showed 11,300 homes were repossessed in the third quarter of the year. Despite the increase, the CML said it still expected about 45,000 repossessions this year.
Mortgage arrears exceed forecasts
However, the CML said the number of households in mortgage arrears by the end of the year was likely to exceed forecasts as its figures showed 168,000 households were in arrears at the end of September 2009, 8% higher than the 155,600 at the end of June.
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