Number of homes taken back by lenders rises amid gloom on employment front
The number of British homes repossessed by mortgage lenders has leapt by more than 70% over the past year, as growing numbers of homeowners have been unable to meet payments on their loans.
According to new figures from the Financial Services Authority, some 11,054 homes in Britain were repossessed in the second quarter of the year, up from just under 6,500 during the same period last year, and 9,172 in the first three months of 2008.
The number of repossessions is expected to continue rising, with the FSA figures also revealing an increase in the number of homeowners who are in arrears on their mortgage. By the end of June this year, some 312,000 families were behind on their mortgage payments, up 16% compared to the same period in 2007.