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Home repossessions on the rise in the UK

While news that home repossession were up some 71% in the second quarter of 2008 have caused some unrest in the markets, this will be chicken feed compared to the number that will lose their homes before the economy recovers. Just over 11,000 homes were repossessed in total during the quarter but with the Bank of England suggesting that both negative equity and mortgage defaults are set to rise dramatically we would see this figure very much higher before too long.

However, it is not all doom and gloom for those who are struggling as the banks may be a little more sympathetic after the rescue package from the government, but those who bury their head in the sand expecting it to all come right in the end will find themselves out on the street. If homeowners are struggling their first port of call should be their mortgage provider and then they should take advice as to how to reduce their debts.

It all sounds very easy, which it certainly is not, but the more homeowners that sit back and let it ride over them until the bitter end will regret not taking pre-emptive action.

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