In 2008 it is predicted that 43,000 people will have their homes repossessed.

In 2009 house repossession are predicted to increase to 75,000, that is almost an 80% increase  from the previous year. This is a very similar repossession rate to the peak of 1991.

The other alarming state is that people falling 3 months behind on their mortgages will more than double next year, from 210,000 to 500,000. This will be the highest level since these statistics were recorded 13 years ago. Hopefully banks will work with homeowners so that they can keep their homes.

These stats have been provided by the the Council of Mortgage Lenders.

We would like to hear about any other house repossession statistics you have uncovered.

Many UK home owners are falling behind on their mortgage repayments through no fault of their own. This can be a really worrying time for families as the family home is one of their most treasured possessions.

The main reasons for mortgage arrears include:

1. Losing job.
2. Falling into negative equity because of declining house prices. Hence the back ask for higher mortgage repayments.
3. Difficult to find a better remortgage deal.

But there is a good chance you can get out of mortgage arrears by:

• Don’t panick
• Work out whether the problem is minor, major or somewhere in between.
• Work out your various options to solve the problem.

The video prepared by MoneySuperMarket.com gives some great adice on how to stop mortgage arrears.

Please watch this video and then share your views on the best way to get out of mortgage arrears:

Click here to view the embedded video.

No surprise that there has been a marked increase throughout the UK.

• The figures report how many possession proceedings have been issued, and how many orders for possession have been made by the county courts.

• Since many of the orders made will not have been enforced these figures do not reflect how many properties have actually been taken into possession.

• Figures on properties actually being taken into possession are published twice a year by the Council of Mortgage Lenders. Further information can also be found on their website (www.cml.org.uk).

Mortgage possession actions

• 39,078 mortgage possession claims were issued on a seasonally adjusted basis, 17% higher than in the second quarter of 2007 and with no change than in the first quarter of 2008.

• 28,658 mortgage possession orders were made on a seasonally adjusted basis, 24% higher than in the second quarter of 2007 and 4% higher than in the first quarter of 2008.

• 48% of mortgage possession orders were suspended compared to 46% in the second quarter of 2007 and 47% in the first quarter of 2008

Landlord possession actions

• 37,609 landlord possession claims were issued using the standard and accelerated possession procedures on a seasonally adjusted basis, 2% higher than in the second quarter of 2007 and the same as the first quarter of 2008.

• 28,042 landlord possession orders were made through the standard and accelerated possession procedures on a seasonally adjusted basis, 8% higher than in the second quarter of 2007 and 1% lower than in the first quarter of 2008.

• 40% of landlord possession orders made through the standard and accelerated possession procedures were suspended compared to 39% in the second quarter of 2007 and 41% in the first quarter of 2008.

We suggest that you read the full report, the statistics are incredible to say the least. Landlord possessions have not changed too much for the last 5 years, its the mortgage repossessions that have been increasing at a dramatic rate. Too many people have been caught out in negative equity coupled together with interest rate hikes. If you borrowed at 4% and now have to pay 6%… your mortgage payments just increased by 50%.

Read the full PDF here:
http://www.justice.gov.uk/docs/stats-mortgage-land-q2-2008.pdf

UK house repossession statistics – the shocking truth

In this country property is currently enormously expensive, unaffordable for many people. Many housing market experts feel that the situation simply can’t be sustained and that house repossessions will keep rising.  The figures back up their fears… the latest UK government house repossession statistics are alarming.

The Government is hoping that the extension of free professional legal advice in county courts will result in 85% of repossession orders being shelved, giving people a breathing space to find ways to avoid repossession. The government has launched a comprehensive rescue package designed to support those under threat of losing their homes.

But home repossessions have increased every year since 2004, and they’re due to rise again during 2008. This year, the number of people predicted to fall into arrears with their mortgage is set to rocket by an estimated 8.6%.

Interest rate hikes don’t help house repossessions UK statistics. Until recently and the new 3% base rate, the credit crunch has led to a big increase in the cost of borrowing, meaning recent rate increases haven’t been passed on to the consumer. And inflation is on the up. Today’s house repossession statistics don’t give much room for optimism.

The Government’s most recent Quarterly Mortgage and Landlord Possession Statistics, released in May and covering the first quarter of 2008, don’t look good.

During the first quarter of this year around 40,000 mortgage possession claims were issued.

The report gives numbers of mortgage and landlord possession actions in the county courts of England and Wales during quarter one 2008. House repossession statistics:

• 38,688 claims were issued by UK lenders, a 7% increase on 2007.

• The number of home owners issued with eviction orders increased by 17% to just over 27,500.

• The CML (Council of Mortgage Lenders) has increased it’s forecast for 2008 UK repossessions to 45,000. But because the CML has been known to under-report, the actual figure might be as high as 70,000.

• The UK boasts an estimated 1 million buy to let mortgages, when ten years ago there were barely 20,000. Many of these are under threat as rental income slumps, and still more are on the verge of negative equity.

You can read the entire house repossessions UK report at: http://www.justice.gov.uk/publications/mortgatelandlordpossession.htm

More house repossession statistics: For information about properties being taken into possession, published twice a year by the Council of Mortgage Lenders (CML), visit cml.org.uk For the full Ministry of Justice report, visit: justice.gov.uk/publications/mortgatelandlordpossession.htm

House repossessions UK – the uncomfortable facts
Take a look at house repossessions. UK statistics tell a story… the housing boom is over. After more than a decade of galloping house prices and big, fast profits, the bubble is finally bursting. UK house repossessions are on the increase, house repossession statistics are worrying and the number of families and individuals at risk is rising. Inflation, fuel costs and interest rate hikes are starting to hit hard. But how is UK home repossession affecting your region?

House repossessions UK by region

• Bedfordshire 472, up 15% since the first quarter of 2007
• Cambridgeshire 494, up 17%
• Cheshire 782, up 14%
• Cleveland 607, up 17%
• Cumbria 270, up 13%
• Derbyshire, 536 up 17%
• Devon and Cornwall 825, up 15%
• Devon and Cornwall 825, up 15%
• Dorset 379, up 27%
• Durham 610, up 14%
• Dyfed Powys 294, up 37%
• Essex 1376, up 14%
• Gloucestershire 252, up 34%
• Greater Manchester 2697, up 25%
• Gwent 515, up 1%
• Hampshire and Isle of Wight 1043, up 9%
• Hertfordshire 493, up 14%
• Humberside 667, up 13%
• Kent 1366, up 1%
• Lancashire 1324, up 25%
• Leicestershire 539, up 18%
• Lincolnshire 501, up 32%
• Merseyside 1565, up 30%
• Norfolk 384, up 21%
• North Wales 566, up 44%
• North Yorkshire 360, up 17%
• Northamptonshire 658, up 27%
• Northumbria 1186, up 18%
• Nottinghamshire 1070, up 25%
• Somerset 772, up 21%
• South Wales 1327, up 18%
• South Yorkshire 1137, up 26%
• Staffordshire 820, up 11%
• Surrey 438, up 14%
• Sussex 817, up 18%
• Thames Valley 1160, up 13%
• Warwickshire 404, up 14%
• West Mercia 684, up 25%
• West Midlands 2946, up 23%
• West Yorkshire 1187, up 24%
• Wiltshire 378, up 21%

House repossessions UK – some alarming conclusions

• Only Kent, Gwent and Hampshire & Isle of Wight first quarter UK house repossession percentages fall into single figures.

• North Wales tops the pile with a huge 44% increase in mortgage possession claims on the same period – quarter 1 – of 2007.

• Dyfed Powys comes a close second with a 37% increase on the same period in 2007.

• Merseyside comes third with 30% more repossessions during quarter one of this year.

Source: Ministry of Justice website. Read the full report at: http://www.justice.gov.uk/publications/mortgatelandlordpossession.htm