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Mortgages -
Repossesions increase - 05/06/2008
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A 17 per cent rise in the level of repossession orders has occurred, across the UK in the space of a year, according to a recent report. For the first quarter of this year, 27,530 repossession orders were filed reflecting a 17 per cent rise on the first quarter of last year and a 9 per cent rise on the last quarter of 2007.
The Royal Institute of Chartered Surveyors has already said, that it predicts repossession levels will rise to around 53,000 over the course of this year, which is significantly higher than its previous prediction of 45,000 repossessions for the year.
Homeowners have come under severe financial strain over recent months, which is reflected in the rise in repossession orders that has been filed. Rising bills, higher living costs, and other increased household costs has resulted in increasingly strained household finances. This has led to many homeowners missing mortgage repayments.
The government has recently announced that it plans to offer support to homeowners that face repossession, including free professional and legal advice. However, there are rising concerns about how those due to come off cheap fixed rate mortgages will manage.
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