Repossessions could reach over 50 a day in 2007

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Repossessions could reach over 50 a day in 2007

Thu 11th Jan 2007

Debt could have a crippling affect this year on many families after the Royal Institution of Chartered Surveyors (Rics) suggested that more than 50 families will get their home repossessed per day in 2007.

The startling figures underline the extent of financial difficulties that some people get themselves into and key factors behind the soaring debt have been attributed to rising utility bills and mortgage repayments.

Repossessions could increase further should the Bank of England decide to raise the base rate again this year following two in 2006 - in August and again in November.

Speaking of the housing situation in the UK, David Stubbs, senior economist at Rics, said: "With couples needing nearly 82 per cent of joint take-home income to fund the upfront buying costs of a typical home, the government's plans to create an inclusive society seems like a pipe dream.

"Unless the government builds more affordable housing and raises the stamp duty threshold, many households will continue to struggle to access the housing market."

Rics has also claimed that a housing accessibility index discovered a 230 per cent rise in the cost of becoming a homeowner over the past ten years.

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