Home repossessions rise by a third

August 3, 2007

The number of people whose homes were repossessed surged by 30% during the first half of the year as homeowners struggled with rising interest rates, figures show.

The Council of Mortgage Lenders said 14,000 homes in the UK were repossessed during the six months to the end of June, 18% more than during the previous six months and 30% above the same period of 2006.

The group blamed the rise in repossessions on the recent increase in levels of lending to borrowers with a poor credit history in the sub-prime sector.

Channel 4 – News – Home repossessions rise by a third