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Government under pressure as 1000 homes a week are repossessed

The UK government is tonight under serious pressure with news that on average 1000 homes a week were repossessed between July and September this year. The figure has been branded as unacceptable by consumer groups who are seriously concerned about lack of activity from the banking sector bearing in mind the multibillion pound bailout. The number of homes currently on the market continues to increase and prices are being pushed lower and lower.

The stand-off between the UK government and the mortgage industry continues with each blaming the other for a lack of activity and the consumer stuck in the middle. Quite what it will take to inject some urgency into the situation remains to be seen but as the two parties continue to bicker more and more homes in the UK are being taken away from those in financial destitution.

Just four weeks ago it seemed as though the UK economy had turned the corner with the instigation of the multi-billion pound rescue package, encouraging words from the banking industry and activity in the US. There were hopes that the worldwide economy would start to pick up but these hopes appear to have been derailed somewhat over the last few days.

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