Number of home repossessions soars

New figures show the number of homes being repossessed as the credit crunch bites has rocketed by 71%.

tbc

In the three months to the end of June, the Financial Services Authority said 11,054 homes had been repossessed, compared with just 6,476 during the same period in 2007.

Researchers said the increase in repossessions had grown "significantly" over the last year as increasing numbers of homeowners struggled to clear arrears they had built up.

As an added blow to struggling homeowners, the annual rate at which house prices in England and Wales are falling nearly doubled during September to hit a record of 8%.

The average value of a home dropped by a further 2.2% during the month to £168,814, according to the Land Registry.

The fall left the annual rate of decline for the year to the end of September at 8%, nearly double the 4.6% slide announced in August, which at the time was the biggest annual drop recorded since the record began in 2001. September was the 13th month in a row the annual rate of house price growth declined.

Copyright © PA Business 2008

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