Rate of repossessions growing as debt problems mount, charity finds
A home is repossessed every ten minutes in the UK, fresh statistics have revealed.
Charity Credit Action found that mounting debt problems are contributing to people losing their houses as it released its monthly report.
The average household was found to be £9,500 in debt, but this figure rises to nearly £60,000 if mortgages are included.
Those concerned about the findings who are looking for somewhere to live in London may opt for flats to rent in Walthamstow, in order to avoid taking out a mortgage and adding to debt problems.
According to Credit Action, one person is being declared bankrupt or insolvent every 4.5 minutes, while one in 33 people currently in work are expected to be unemployed by the end of 2009.
Recent Land Registry figures indicated that the value of property in London fell by 16 per cent over the last year, which could mean that those who have opted to buy houses or flats are facing the additional problem of negative equity.
Published 1st April, 2009
© 2009 Estates IT Limited
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A home is repossessed every ten minutes in the UK, fresh statistics have revealed.