Repossessions rise

The number of repossessions in England and Wales has risen dramatically, new figures show.

12:48 26 October 2005

The number of repossessions in England and Wales has risen dramatically, new figures show.

Data released today by the Department for Constitutional Affairs show that repossessions rose by 66 per cent in the third quarter.

This brought the total number of repossession orders made in the three months prior to September to 19,687. Of these, 10,340 were suspended orders.

The number of actions entered also rose by 55 per cent, totalling 29,991.

This represents the highest number of repossessions granted by the courts since the first three months of 1996.

Experts had been expecting today's rise, with many analysts blaming rising levels of household debt for people's inability to keep up with mortgage repayments.

In comparison the high levels of repossession witnessed during the 1990s were attributed to high interest rates.

The rise in repossessions accompanies a reported 27.5 per cent increase in the number of people declaring bankruptcy.