Property News in the UK

UK property news and links to various property websites. mortgage news, house price news, interesting properties for sale.

Wednesday, June 28, 2006

Home repossessions treble

The number of Londoners who face having their homes repossessed has trebled in five years, according to figures released today.

In 2001, just 1,854 homeowners were taken to court by banks or building societies after failing to keep up with repayments.

But by last year, that figure had risen to 6,661. Experts blamed the rise on 'irresponsible' lenders and spiralling house prices that have forced some buyers to borrow many times their annual income to secure a home.

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