Home repossessions set to rise

Home repossession figures are expected to show an increase today as the troubled economy starts to take its toll on households.

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Home repossessions 'up by 10%'

  • There were 9,600 repossessions in the first quarter of this year, representing a 10% increase on the last three months of 2011, but stable when compared with a year earlier.
  • More than a million home owners saw their mortgage rates rise in May, following a string of increases announced by lenders, blaming the weak economy and the increased funding costs.
  • Lenders have also been tightening their borrowing criteria in recent months, causing a drop in the proportion of mortgage approvals, making it tougher for people to get a mortgage or switch to a cheaper deal.

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