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Home repossessions at 12-year high
10:04am Friday 8th August 2008
The number of UK house repossessions jumped by 48% in the first half of the year to its highest level for 12 years, figures showed.
A total of 18,900 homes were taken back by lenders after their owners failed to keep up with mortgage repayments - the equivalent of 0.16% of all mortgages, the Council of Mortgage Lenders said.
The CML forecasts that 45,000 homes will be repossessed by the end of the year as cash-strapped borrowers struggle to repay their mortgages.
House repossessions are at a 12 year high
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