Over 100 properties repossessed daily

Fri, 13 Jan 2012

More than 100 properties are being repossessed on a daily basis, new research has shown.

According to Credit Action's latest debt statistics and based on trends seen in quarter three of 2011, 101 dwellings are being taken away from homeowners every 24 hours.

The figures revealed 193 mortgage possession claims are issued each day, while 153 mortgage possession orders are made in the same timeframe.

Michelle Highman, chief executive officer of Credit Action, noted the statistics highlight the scale of the financial problems being felt by consumers throughout the UK.

The industry figure observed the results also illustrate just how vulnerable people are to the economic downturn, but noted there are ways in which UK adults can attempt to get their money matters in order.

She explained: "There are many tools available to help with this, such as our Spendometer, which in 2011 helped over 40,000 people keep track of their money."

The findings come after Councillor Cathy Osselton, borough council housing chief for Basingstoke, recently suggested a rise in repossession risk is inevitable in the face of economic uncertainty, the Basingstoke Observer reports.

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