Northern Ireland repossessions have doubled

Fri, 27 Jan 2012

The last two years have seen the number of homes repossessed in Northern Ireland double.

According to figures released by the Department for Social Development - which was established as part of the Northern Ireland Executive in 1999 - more than 1,000 householders and businesses were made to leave their dwellings in 2011 alone, Belfast Newsletter reports.

Gregory Campbell, MP for East Londonderry, noted the trend is indicative of the extent to which the country has suffered as a result of the economic downturn.

The politician added: "The actual situation will be worse than this as not all repossessions granted by the court are lodged with the Enforcement of Justice office, where these figures come from."

He recommended those having difficulty paying their housing costs should try to speak to their mortgage lender, as banks are often reluctant to try and push ahead with a repossession order when there are other routes it could go down.

Indeed, lenders who repossess a property may not be able to recoup the outstanding debt through the sale of the abode, such is the state of the current economic climate.

Link to this page

Copy and Paste the following HTML into your page.