Wednesday, May 14, 2008

Repossessions on course to be highest since 1991 - Cable

Commenting on the 17% rise in repossession orders in the past year announced at the weekend by the Government, Liberal Democrat Shadow Chancellor, Vince Cable said:

“The number of families threatened with repossessions is on course to be the highest since 1991, at the height of the Tory recession.

“Repossession claims have skyrocketed since last year. Many families could well end up losing their homes in the months ahead.

“The Prime Minister’s pride and stubbornness has made him completely unwilling to recognise the dangers in the housing market. It is overstretched households that will pay the price.

“This Government must stop having vague discussions with mortgage lenders and instead clearly lay out the procedures which must be followed before a property can be repossessed.

“Repossession must only ever be a last resort. Lenders must seek all possible alternatives before taking such action.”


Notes to Editors

1. Repossession statistics for Q1 2008 can be found at:

2. Repossession claims for Q1 2008 were 38,688 (seasonally adjusted). If
these figures continue through the year there would be over 150,000 in the
year, putting 2008 on course to having the highest number of claims since
1991, when the total was 186,649.
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