Shelter: Mass repossessions on the horizon

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Shelter: Mass repossessions on the horizon

Hundreds of thousands of repossessions are set to take place over the next two years in the UK as the pressures of the recession hit homeowners, Shelter has warned.

The charity is urging the government to be prepared as increasing numbers of property owners in the UK face unemployment and climbing interest rates over the coming months.

It revealed that it has seen a 250 per cent increase in the number of calls its free helpline has received regarding repossessions and related issues.

Head of Shelter Sam Younger said: "The government and lenders are working hard to help homeowners who are struggling now. But they must not be complacent and we fear they are not planning adequately for the future."

In related news, homeowners have been urged to remain on their guard for signs of subsidence this summer as the warm temperatures forecast by the Met Office could provoke soil to dry up around properties, stated MoneySupermarket.com.

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