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When will the ever increasing number of repossessions start to fall?

Looking back at figures for the first three quarters of 2008 there has been a gradual increase in the number of house repossessions in the UK. The figure has now reached levels not seen since the tough recession in the 1990s and there are real concerns that this figure has not yet peaked and may well become the highest seen for decades in the UK.

The government has been attempting to place pressure on the financial sector to increase the flow of mortgage finance but as yet we have seen very little cost savings passed on to the consumer and no substantial increase in mortgage applications approved. The problem is that without finance there will be little movement in the market and those who are struggling financially will not be able to downsize and try to rearrange their finances.

There are hopes that the forthcoming pre-budget announcement will cover the housing market although there have been no specific rumours about potential tax cuts or any kind of political assistance. It will be interesting to see how the government attempts to quell the growing anger in the UK after seeing taxpayers fund the bank rescue package to the tune of hundreds of billions of pounds yet see no real tangible improvements for themselves.

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