Recession increases repossession risk

Wed, 11 Jan 2012

The risk of home repossession is heightened during times of recession, it has been noted.

Councillor Cathy Osselton, borough council housing chief for Basingstoke, said such a trend is inevitable when the wider economy faces uncertainty, the Basingstoke Observer reports.

Ms Osselton was speaking in response to figures released by Shelter, which identified the town as among the ten most threatened areas in the south-east for repossession.

She explained, however, that those facing difficulty with their housing costs should get in contact with their local authority sooner rather than later in order to receive the most appropriate advice and prevent them from being forced out on to the streets.

"We know that we are facing a relatively high number of repossessions in this area as our housing team is seeing growing numbers of people needing housing advice," the representative added.

According to the findings from Shelter - which was founded in 1966 - Basingstoke ranked ninth out of the 67 regions in the south-east in the list, which highlighted the areas where individuals were at most risk of losing their home .

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