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Beware The Repo Man
Property repossessions soared 65% in 2006 as homeowners succumbed to record levels of debt and rising interest rates - and the position is set to worsen. Statistics from the Council of Mortgage Lenders (CML) revealed that 17,000 homes were repossessed in 2006, up from 10,310 in 2005.
That meant that one in every 690 mortgage holders was unable to keep up with repayments and had their home repossessed. The CML expected repossessions to increase further this year and next - to 19,000 in 2007 and 20,000 in 2008 - as further increases in the cost of borrowing start to bite.
That compares to a low of 6,030 in 2004, but would still be less than a quarter of a 1991 peak of 75,540.
