Construction News
27/01/2009
Repossessions Soar Dramatically
The latest figures from the Financial Services Authority (FSA) on repossessions point to a year of misery ahead for many homeowners.
In the last three months of 2008 repossessions were up by 92% compared with the previous year. Over the same period another 60,000 households went into arrears with their mortgage. In the UK a total of 340,000 mortgages are now in arrears.
It is estimated that falling house prices have pushed a further 500,000 into negative equity. Meanwhile in 2008, 100,000 households joined the queue on local authority housing waiting lists.
"We are without question engulfed by a housing crisis worse than the 1990s crash," said Shelter's Chief Executive Adam Sampson.
"These new figures are not just numbers, they are heartbreaking tales of real people losing their homes, and the rescue schemes announced by the Government recently will help just a fraction of those in trouble," he added.
"Its no surprise that as repossessions soar so too does the council house waiting list. The misery of those at risk of losing their homes is compounded by the knowledge that there is little hope of an affordable rented home if they do.
"Since Labour took power 12 years ago the council house waiting list has risen from one million to almost 1.8 million showing this Government has failed to build anywhere near the number of social homes Britain desperately needs.
"Mr Brown has shown his commitment to bailing out the lenders. If he is prepared to pump public money into saving troubled banks he must be equally willing to save the collapsing building industry and do all he can to kick start a decade of intensive social housebuilding."
(CD/JM)
In the last three months of 2008 repossessions were up by 92% compared with the previous year. Over the same period another 60,000 households went into arrears with their mortgage. In the UK a total of 340,000 mortgages are now in arrears.
It is estimated that falling house prices have pushed a further 500,000 into negative equity. Meanwhile in 2008, 100,000 households joined the queue on local authority housing waiting lists.
"We are without question engulfed by a housing crisis worse than the 1990s crash," said Shelter's Chief Executive Adam Sampson.
"These new figures are not just numbers, they are heartbreaking tales of real people losing their homes, and the rescue schemes announced by the Government recently will help just a fraction of those in trouble," he added.
"Its no surprise that as repossessions soar so too does the council house waiting list. The misery of those at risk of losing their homes is compounded by the knowledge that there is little hope of an affordable rented home if they do.
"Since Labour took power 12 years ago the council house waiting list has risen from one million to almost 1.8 million showing this Government has failed to build anywhere near the number of social homes Britain desperately needs.
"Mr Brown has shown his commitment to bailing out the lenders. If he is prepared to pump public money into saving troubled banks he must be equally willing to save the collapsing building industry and do all he can to kick start a decade of intensive social housebuilding."
(CD/JM)
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