Repossession numbers 'set to increase'

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Repossession numbers 'set to increase'

Mon 23rd Jan 2012

The number of cases of individuals who will see their homes repossessed is forecast to increase over the coming 12 months as a result of ongoing inflationary pressures and low pay increases, it has been claimed.

Bernard Clarke, communications manager at the Council of Mortgage Lenders, said the organisation has forecast 180,000 repossessions for the coming year as a result of Brits facing financial difficulties - up from the 166,000 cases seen in 2011.

He commented: "Many people expect the economy to be difficult again this year and we may see a rise in unemployment with continuing pressure on household finances, which may put more people into arrears."

According to a recent survey from Shelter, more than one in five people have cut their spending on gas and electricity to help pay their rent or mortgage in the last 12 months - a 60 per cent increase since 2008.

Furthermore, just over one in three people have spent less on food to pay housing costs - a rise of 44 per cent over the same period.

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