Property Investor News

The number of properties repossessed by mortgage lenders in the UK has risen by 48 per cent in the past year.

The Council of Mortgage Lenders (CML) said there were 18,900 repossessions in the six months to June, up from 12,800 in the same period last year.

The sharp rise was due to the economic slowdown making it harder for some homeowners to repay mortgages.

Repossessions have been rising since the second half of 2004 but have now begun to accelerate.

The number of mortgage holders behind with their payments has also gone up.

They rose by 29%, up from 120,800 in the first half of 2007 to 155,600 in the first half of this year.