Friday, Nov 21, 2008
More downward pressure on residential house prices
BBC: Property repossessions up by 12%
The number of properties repossessed by mortgage lenders rose by 12% to 11,300 in the third quarter of the year, the Council of Mortgage Lenders (CML) said. The number of borrowers in arrears also went up compared with the previous quarter, by 8% to 168,000. The number of repossession orders made by the courts in England and Wales rose by 3% to 29,516 in the same period. The figures suggest that many more people are likely to lose their homes as the economy falls into recession.
Posted by jack c @ 10:02 AM (320 views) Add Comment
1 Comment
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1. doom&gloom said...
http://www.cml.org.uk/cml/media/press/1999
The original press release.
Buy-to-let have traditionally been less in arrears than residential. But this has quickly changed this quarter and looks like only getting worse.