News
Is House Repossession on the Increase?
Repossessions of houses could increase by 50% to 45,000 in 2008 the equivalent to 124 repossessions day, according to research by the Royal Institution of Chartered Surveyors (RICS).
The prediction follows news that the market of residential properties offered at auction in the second quarter of 2007 increased by 32%.
Houses which are repossessed by mortgage lenders, because the borrower has failed to meet their mortgage payments, are often offered at auction.
RICS economist, Oliver Gilmartin, said: With the full impact of interest rate rises in 2007 yet to filter through into higher mortgage costs we continue to expect a rise in the number of homes going under the hammer into 2008.
Merseyside experienced the highest level of repossessions in the fourth quarter of 2006 with a 60% rise on the previous year.
