17% rise in repossession orders in a year
June 5, 2008
A recent report has shown that there has been a 17% rise in the level of repossession orders in the UK in the space of a year. For the first quarter of this year 27,530 repossession orders were filed reflecting a 17% rise on the first quarter of last year and a 9% rise on the last quarter of 2007.
Whilst not all order end in repossession this means that thousands of people could be at risk of losing their homes.
The Royal Institute of Chartered Surveyors has already said that it predicts repossession levels will rise to around 53,000 over the course of this year, which is significantly higher than its previous prediction of 45,000 repossessions for the year.
Homeowners have come under severe financial strain over recent months, which is reflected in the rise in repossession orders that has been filed. Rising bills, living costs, and other household costs has resulted in increasingly strained household finances. This has led to many homeowners missing mortgage repayments.
The government has recently announced that it plans to offer support to homeowners that face repossession, including free professional and legal advice. However, there are rising concerns about how those due to come off cheap fixed rate mortgages will manage.
Written by Peter · Filed Under News Debt
I have just seen a recent news article that says legal aid will no longer be given to those facing repossession. This is due to the fact that those being repossessed have swamped solicitors offering legal aid. These solicitors are now left unable to cope with the number of cases they are being given so are turning them down.
The Government should have intervened months ago - never mind announcing now it HAS plans (not yet implemented). SHUT, STABLE DOOR, HORSE, BOLTED!