100 UK Homes Repossessed Each Day
News of a 48% increase in house repossessions in the first half of 2008 has shocked many in the City but with the increased cost of living yet to hit home there are grave concerns that it could get much worse before it gets better. Nearly 19,000 homes were repossessed in the first half of 2008, according to figures from the Council of Mortgage Lenders (CML), a substantial increase on the 12,800 figure for the corresponding period of 2007.
The CML has also announced that some 155,000 home owners in the UK are more than 3 months behind with their mortgage payments leading to fears of a massive leap in repossession in the second half of 2008.
There is no doubt that the UK housing sector is in complete disarray and the recent intervention by the authorities to try and assist seems to be back firing spectacularly. The 'will they, wont they' debate about a possible stamp duty holiday is seeing what few buyers there are in the market holding back from concluding any deals. There is no doubt that the government and / or the Bank of England need to do something very quickly to assist the markets otherwise the current situation could deteriorate much further in a very short space of time.
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