You are here: cherry > Press releases for February 2011 > Comments from Nick Hopkinson of property company, PPR Estates, on the latest household UK repossession data:

11 February 2011

“The number of homes repossessed in 2010 will be around 39,000 when the final Ministry of Justice numbers are published. Whilst this is a slight fall on the previous year, over 125,000 mortgaged homes have been repossessed since the 2008 Credit Crunch hit. We have to go back to the early 1990s to see such high repossession levels and the sheer number of personal tales of misery this represents. “Unfortunately, I fear the reasons that repossession numbers haven’t rocketed much higher since the Credit Crunch took hold are mainly temporary and things are almost certainly going to get a lot worse in the next year or so. Specifically, the slower Court protocols introduced in 2008 and the political pressure on the lending banks to show forbearance have simply delayed the inevitable for many struggling households. Also, the continuation of the lowest base interest rates ever should have seen repossession numbers fall much more quickly last year. The fact that the number of mortgages in arrears has remained stubbornly high is a serious worry as we start to face up to imminent interest rate increases as inflation soars currently. “The well publicised austerity cuts, tax increases, weak consumer confidence and a struggling labour market simply add further problems onto an already struggling housing market. We are approaching the centre of this perfect storm for many homeowners and no-one should be fooled by the bank lender’s spin on these issues.”

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