Jump to content
House Price Crash Forum
Sign in to follow this  

Mortgage Repossessions Rocket To Highest Level Since 2001

Recommended Posts


Gerrard at Grant Thornton expressed concern that the rise in bankruptcies has come at a time of a relatively benign economic backdrop.
"Despite the fact that the growth in unsecured consumer credit is continuing to fall, there are still plenty of people who are either overspending or struggling to juggle their debts -- for this group an increase in mortgage payments on the back of a rate rise or more expensive gas and electricity can prove 'fatal'," he added.
There was further gloom too, with figures released by the Council of Mortgage Lenders showing that the number of
properties taken into possession by UK mortgage lenders rose to their highest level in five years.
A total of 8,140 properties were taken into possession in the first half of 2006, equivalent to 0.07 pct of all mortgages and a jump from 5,690 in the second half of 2005.
This is the highest number of possessions since the first half of 2001
The CML said it believes that the rise in payment problems followed the rise in interest rates between the autumn of 2003 and summer of 2004, and that these have now largely worked through.
Yesterday's decision by the Bank of England to raise interest rates will "add to payment difficulties for hard-pressed mortgage borrowers at the margins," it said.

The unwinding of the Miracle Economy continues apace......................................

Edited by Realistbear

Share this post

Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.