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26/10/2005
House repossession orders increase
The number of mortgage possession orders in England and Wales in the last three months has increased by 66%, compared to the same period last year.
According to figures released by the Department for Constitutional Affairs, the number of mortgage possession actions entered in the county courts increased by 55% compared to the same period last year, to almost 30,000.
The number of repossession orders made rose to 19,687, although 10,340 of these were suspended, allowing the homeowners to take steps to prevent their home being repossessed.
The figures refer to how many possession proceedings have been issued and how many orders for possession have been made by the county courts. They do not reflect how many properties have actually been repossessed.
Rising interest rates have been blamed for the increase in repossessions. The Bank of England raised the interest rate from 3.5% to 4.75% between November 2003 and August 2004, although interest rates were reduced to 4.5% in August.
(KMcA/SP)
According to figures released by the Department for Constitutional Affairs, the number of mortgage possession actions entered in the county courts increased by 55% compared to the same period last year, to almost 30,000.
The number of repossession orders made rose to 19,687, although 10,340 of these were suspended, allowing the homeowners to take steps to prevent their home being repossessed.
The figures refer to how many possession proceedings have been issued and how many orders for possession have been made by the county courts. They do not reflect how many properties have actually been repossessed.
Rising interest rates have been blamed for the increase in repossessions. The Bank of England raised the interest rate from 3.5% to 4.75% between November 2003 and August 2004, although interest rates were reduced to 4.5% in August.
(KMcA/SP)
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