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UK mortgage arrears hit 12 year high

At this moment in time there are just over 270,000 mortgages in the UK which are in arrears, which is a 12 year high. This equates to 2.43% of all home loans in the UK and unfortunately the situation looks as if it will get worse before it actually gets better. Even though many politicians and economists have been bullish on the short to medium term outlook for the UK economy this will not help the vast majority of those who are fallen more than three months behind with their mortgages.

UK unemployment keeps creeping ever higher and is almost certain to top 3 million in 2010 which will see more and more people fall behind on their mortgage payments. Until we see a concerted recovery in the UK economy the problem of mortgage payments and remortgaging arrears will become ever more visible and more and more homes will be available at knockdown prices. There is the potential for an increase in housing stock, purely from the repossession of homes, which will impact to some extent on any recovery in the property sector and property prices up and down the UK.

The last thing the UK government needs is rising unemployment and rising home repossessions as we approach the next general election.

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