Repossession on the rise in the UK

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Repossession on the rise in the UK

A new report from the Ministry of Justice show that the number of homeowners threatened with repossession has risen by 16 per cent over the past year.

Its figures show that 38,688 mortgage possession claims were made in the first quarter of 2008, an increase of seven per cent on the last quarter of 2007.

The ministry also found that in the first three months of this year, 47 per cent of repossession orders granted were suspended in order to allow the borrower time to catch up with mortgage repayments.

Commenting on the data, the Royal Institution of Chartered Surveyors (Rics) predicted that repossessions will increase to around 43,000 in 2008, which is still significantly below the level of 76,000 in 1991.

The difficulties some homeowners are facing in keeping up with mortgage repayments "may be exacerbated over coming quarters if people who want to re-mortgage find it hard to secure an affordable rate on their new deal", it said.
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