FSA: UK repossessions nearly double

Permalink: FSA: UK repossessions nearly double
by Kay Murchie

Figures from the Financial Services Authority show that in the third quarter of last year, the number of people losing their homes after failing to meet their mortgage repayments almost doubled.

According to the UK’s financial watchdog, 13,161 properties were repossessed during the period - up 92% compared with the same period the previous year.

Meanwhile, the organisation said the number of homeowners behind with their mortgage repayments had risen to 340,000, an increase of 24% compared with a year earlier.

Last month, the Council of Mortgage Lenders (CML) said home repossessions will rise to 75,000 by the end of 2009, particularly as the recession takes hold and unemployment is set to rise.

This would be an increase of 67% on the 2008 figure of 45,000 repossessions. The number of households more than three months behind with their repayments will reach 500,000 during the year, said the CML.