Press Release Summary: The number of home repossessions in the UK is set to increase further after registering an 8-year high in 2007.
Press Release Body: London (Ask4loan) February 11, 2008: According to the Council of Mortgage Lenders, the number of homes repossessed in the year 2007 was the highest since 1999. The council said that more than 27,000 homes were repossessed last year as compared to 22,400 in 2006 and 8,500 in 2003. However, the 2007 figures are not as extreme as the Council of Mortgage Lenders had earlier predicted. The first half of 2007 saw 13,600 homes being repossessed, but in the later half, the repossessions reduced marginally to 13,500 - still 10% lower than they had forecast.
Financial experts say that the number of repossessions was likely to rise again in 2008 as the credit squeeze in the UK financial markets tighten. Michael Coogan, director-general of the Council of Mortgage Lenders, said: "The number of repossessions is likely to be higher in 2008 as a result of wider issues in the economy and the mortgage funding markets."
The homeowners are already facing the heat of several interest hikes effected in the last two years. The repayment capacity of the borrowers in case of mortgages, secured loans and other personal borrowings has been widely affected due to high cost of borrowing and increasing price pressures.
Howard Archer from Global Insight said: "The financial pressure on many home owners is increasing. It seems certain that repossessions will trend up significantly during 2008, particularly if the economy suffers an extended marked slowdown and unemployment starts rising."
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