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Number of homeowners facing repossession rises 16 per cent
- Story by: Sharon Flaherty
- Magazine: FTAdviser
- Published Friday , May 09, 2008
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The figures issued by the Ministry of Justice today (9 May) showed that in the first quarter of 2008 there were 38,688 mortgage possession claims in England and Wales, compared with 33,344 during the same period of 2007.
The figure is 16 per cent higher than in the first quarter of 2007 and 7 per cent higher than in the fourth quarter of 2007.
Mortgage possession claims represents the first stage in the repossession process.
The number of possession orders, when a court grants permission for a property to be repossessed, also increased in the first quarter of 2008, as mortgage payments began to increase as a knock-on effect of the credit crunch.
Possession orders in the first quarter of 2008 totalled 27,530, up from 23,438 in the same period of 2007.
Mortgage possession orders were 17 per cent higher than in the first quarter of 2007 and 9 per cent higher than in the fourth quarter of 2007.
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