48% RISE IN REPOSSESSION RATES MUST SOUND ALARM BELLS TO GOVERNMENT

Cymraeg
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Montgomeryshire Liberal Democrats <montlibdems@gmail.com>

48% RISE IN REPOSSESSION RATES MUST SOUND ALARM BELLS TO GOVERNMENT - ÖPIK

August 8, 2008 12:43 PM

Today's news from the Council of Mortgage Lenders has shown a 48% rise in repossession rates since the beginning of this year.

In the first half of this year, there were 18,900 cases where lenders took possession of property. This compares with 13,400 in the second half of 2007, and 12,800 in the first half of 2007.

Lembit Öpik, Liberal Democrat Shadow Minister for Housing and MP for Montgomeryshire, commented today:

"While these figures remain behind the repossession rates of the early 1990s when repossessions under the Tories stood at 38,900 in 1991, we must make sure that those left homeless are supported by the Government.

"It is crucial that Government buoys up the social housing market as a priority, both in increasing the funds that support housing associations and councils in buying unsold homes at a discounted rate, and by bringing the 830,000 empty homes in the UK back into use."

Ends/diwedd

Notes to editor:

CML figures for the first half of 2008 show:

• An estimated 18,900 properties were taken into possession compared with 13,400 during the second half of 2007, and 46% higher than the same period last year.

• The number of mortgages over three months in arrears at the end of June increased to 155,600 from 129,600 in the previous half year, and is now 29% higher than at the same time in 2007.