Repossesions up by 12%

Repossessions jumped by 12% in the third quarter of the year as increasing numbers of homeowners struggled to make their mortgage repayments, figures showed today.

A total of 11,300 homes were repossessed between July and September, compared with 10,100 in the second quarter of the year, the Council of Mortgage Lenders (CML) said.

This is the first time the CML has published quarterly statistics so no year-on-year comparison is available. However, it is clear that repossessions are rising as higher living costs and growing unemployment hit consumers.

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Repossesions up by 12%