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Rise in house repossessions
There has been a rise in the number of houses being repossessed by mortgage lenders in the first three months of this year, according to the Council of Mortgage Lenders (CML).
Figures released by the CML today showed there were 12,800 repossessions in the first quarter of 2009, compared with 10,400 in the last three months of 2008 and 8,500 in the first three months of last year.
The number of homeowners with arrears of more than 2.5 per cent the value of their property also rose by 62 per cent during the first three months of 2009 to 182,600, compared with the same period a year ago.
However, the CML has said it expects to revise the prediction of 75,000 repossessions for 2009 downwards in its next forecast.
CML director general Michael Coogan said: "Lenders genuinely want to help borrowers where borrowers are committed to working with them.
"It is quite clear that the number of arrears cases is rising far more markedly than the number of repossessions."
A recent survey by Halifax found that housing affordability for first-time buyers has more than trebled since 2007.