Mortgage arrears rising, figures show
The number of people who have bought property that are experiencing difficulties in repaying mortgages has risen significantly over the past year, figures have shown.
According to Council of Mortgage Lenders statistics, over 219,000 homeowners were more than three months in arrears at the end of 2008.
This is compared to 127,500 at the end of the previous year, while the number of repossessions also increased.
A total of 40,000 homes were seized throughout 2008 and the body has predicted that this will rise to 75,000 this year.
The suggestion may prompt those hoping to live in London to rent a house or flat rather than buy, in order to avoid this danger.
Commenting on the figures, Royal Institution of Chartered Surveyors senior economist Brigid O'Leary suggested that the coming months will be "challenging".
"The proportion of mortgages in arrears continued to increase and that trend is likely to continue as economic circumstances deteriorate," she said.
Published 20th February, 2009
© 2009 Estates IT Limited
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The number of people who have bought property that are experiencing difficulties in repaying mortgages has risen significantly over the past year, figures have shown.