Housing Minister John Healey has today extended free advice for families facing the threat of repossession, with an extra £4m to ensure this vital lifeline continues into the New Year.
The Government funding will go to debt advice agencies, as well as 80 court desks across the country.
The services have proved their worth: 36,000 cases have been seen by the court desks over the past year, and more than 100,000 households have benefited from free advice on managing their debts from charities and councils.
Services offering free advice and representation in court have helped stop repossession in four out of five cases making use of their service, supported by extra Government funding to ensure help is available in county courts across England.
The decision comes as pressures on repossessions are forecast to continue throughout 2010. The Government has decided to act ahead of the repossession risk next year by extending the help available.
Over the last year, over 330,000 homeowners have received help and advice with their mortgages.
New figures from the Financial Services Authority published today show there were 13,987 repossessions between July and September - five per cent less than at the beginning of the year.
Repossessions are running at half the rate of the last recession, and the Council of Mortgage Lenders has reduced their repossession forecasts for this year by well over a third - from 75,000 to 48,000.
Mr Healey said: "To ensure lenders follow the tough rules put in place, a new checklist was introduced earlier this year so lenders must prove they have exhausted every possible option before seeking court action.
"But I also remain concerned that a disproportionate number of repossession cases come from specialist lenders. That is why it's vital that the FSA's tougher regulations for lenders are introduced as quickly as possible - to ensure all borrowers are treated with the same tolerance and understanding, regardless of who their lender is. These measures combined will ensure that in all cases, repossession remains the last resort."
(CD/BMcc)
Time and date
CONSTRUCTION DIRECTORY
Latest Construction News
20/11/2024
Construction firm Willmott Dixon has partnered with Westminster City Council on a £36 million project to restore the historic Seymour Centre in Marylebone, a Grade II listed building dating back to the 1930s. The project, procured through the SCF framework, will see the three-storey centre undergo ...
20/11/2024
The Hill Group has commenced work on a new development in Billericay, Essex, which will deliver 179 high-quality homes across a 20-acre site. Designed to blend with Billericay's scenic countryside while addressing the pressing demand for sustainable housing, the project is located on Kennel Lane ...
20/11/2024
Extensive groundwork is underway for a new housing development in Maidstone, where Vistry Group, in partnership with Legal & General Affordable Homes, is set to build 272 properties on the site of the former Tovil Quarry off Farleigh Hill. The project will include 37 affordable homes for low-cost ...
20/11/2024
Stonewater has scooped a new energy efficiency retrofit contract with compliance and energy services provider Correct Contract Services. This work, funded through the Social Housing Decarbonisation Fund (SHDF) Wave 2, will include a range of energy-saving upgrades. Measures such as loft ...
20/11/2024
Kier has been appointed by Cambridgeshire County Council to deliver building, mechanical, and electrical maintenance services across the Council's portfolio of 160 corporate buildings. The contract, which began in November 2024, will run until 2027, with the possibility of two one-year extensions ...
20/11/2024
Builders use water for various functions on the job, they utilise this resource for worker hygiene, hydration, concrete batching, grouting, dust suppression, drilling and piling. If companies mismanage this water use, they can increase their environmental impact. When the industry comes ...
20/11/2024
Edmond Shipway has been appointed to a pioneering initiative tackling homelessness in Greater Manchester, providing project management and cost consultancy services on the second phase of Embassy Village. Set to deliver 40 purpose-built homes for men facing homelessness in Manchester, Embassy ...
20/11/2024
West Sussex County Council is inviting residents to share their views on proposed transport improvements at the Hazelwick and Tushmore junctions on the A2011 Crawley Avenue. The proposals aim to make walking, cycling, and public transport more appealing for short journeys. This initiative is part ...
19/11/2024
McLaren Construction has commenced works at the first UK industrial scheme in the East Midlands for a joint venture with Garbe Industrial Real Estate GmbH and Invesco Real Estate. McLaren will oversee all aspects of construction for the £30 million project located in Shireoaks, Worksop - in the ...
19/11/2024
Pennyfarthing Homes has submitted a planning application for 74 new homes in Fordingbridge as part of its plans to build a neighbourhood of 342 homes on the northern edge of the Hampshire market town. The new development which is part of the wider scheme known as Forde Valley and follows ...