Mortgage possession orders up
The number of mortgage possession orders issued in England and Wales rose during the first quarter of this year, official data has shown.In January to March there were 21,931 orders made at county courts, one per cent up from the first three months of 2006.Coming the same day as the government showed a record 30,075 people declared themselves insolvent in the same period, the Department for Constitutional Affairs (DCA) says that 46 per cent of possession orders were suspended compared to half in the corresponding period last year.Landlord possession claims stood at 35,979 in the first quarter, down from 18 per cent against the beginning of 2006.Howard Archer, chief UK and European economist at Global Insight, said the figures reinforced the debt culture message given out by the insolvency statistics.Citing the 10.2 per cent quarterly jump in mortgage possession claims to 33,715, he explained: "Rising interest rates, elevated utility bills, limited real disposable income growth, the fact that many people have stretched themselves to the limit to buy a house and record high debt levels have contributed to the rise in individual insolvencies."Next Thursday the Bank of England is widely excepted to raise interest rates by a quarter of a percentage point to 5.5 per cent.
Share this..
Related stories
IMF echoes thoughts of Gordon Brown on global recovery
The International Monetary Fund has today suggested, as Gordon Brown did only last week, that the worldwide recession requires all governments around the world to act in harmony and in the name of one cause. As we have seen on a number of occasions, there are many governments around the world who feel unable to fight their own battles never mind the global battle against economic decline without t...
Read MoreIs the EU expansion policy fatally flawed?
The ongoing problems in Greece and potential issues regarding Spain and Portugal have highlighted the major expansion push instigated by the European Union over the last few years. This is a policy which has seen many relatively small countries join the European Union and tap into additional funding to finance changes within their own boundaries. However, was the European Union too quick to hand o...
Read MoreJobless claims increase in August
Despite the fact that many people had expected the claimant count unemployment figure to continue reducing, as it has done since January 2010, it was revealed that an additional 2,300 people claimed unemployment benefits in August. This brings to a close hopes that perhaps the UK economy was stronger than many had expected and certainly increases the chances of a double dip recession in the short...
Read MoreMore People Looking Overseas Than Ever Before
As the cost of living in the UK continues to rise, with many suggesting that there is little chance of it falling back in the short term, it seems that more and more of the UK population are looking overseas. While areas such as Europe have been a regular favourite with UK expats, it seems that many may now be branching out to countries in South America.
Property prices in the UK h...
Stamp duty holiday approaches conclusion in property market
When the UK government removed the 1% stamp duty on the purchase of homes with a value between £125,000 and £175,000, to inject interest into the marketplace, this was well received by property investors. However, the scheme is set to end on New Year's Eve 2009 with 1% stamp duty to be charged on properties with a value of over £125,000. As a consequence many estate agents are suggesting their...
Read More