UK home repossessions have grown to 11,300 during the third quarter of 2008 says a report from the Council of Mortgage Lenders (CML).
The previous three months had recorded 10,000 families losing their homes because they were unable to meet mortgage repayments. There was a slight increase in the number of homeowners falling into arrears of three months or more, figures for June showing 1.33% of mortgagees were having problems, rising to 1.44% at the end of September.
The CML were pessimistic regarding the future,
“Looking ahead, conditions in the wider economy suggest a worsening picture for mortgage arrears, however carefully lenders handle their treatment of borrowers in difficulty,” said CML director general Michael Coogan.
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