BBC Report On House Repossesson


BBC reported that the no of house repossession has been increased up to 9% in 2006. Repossession is likely to increase up to 19,000 this year higher then 6000 in 2004. The Council of Mortgage Lenders says 8,860 homes were taken back, up from 8,140 in the first six months of the year. The Royal Institution of Chartered Surveyors has also warned that repossessions will rise. 17,000 homes were repossessed in 2006 than in any year since 2000. BBC reports bankruptcies rise by nearly 60%. Personal insolvencies reached 107,000 in England & Wales. The number of people who were declared insolvent in England and Wales rose to a new record of 107,000 last year. That was a 59% increase on the year before, when 67,500 people went bust. The rise was mainly due to a sharp increase in the number of people entering Individual voluntary arrangements (IVAs). The number of individual insolvencies also rose in Scotland and Northern Ireland, though not as fast as in England and Wales. It is widely expected that the rising trend of personal insolvencies will continue this year. Bankruptcies, in which debtors typically lose all their assets, rose last year by 34% in England and Wales to 62,900. But although these still outnumbered IVAs, the number of people choosing an IVA as a route out of insolvency more than doubled to 44,300. Repossessions of house in the UK increases in the first 3 months of 2007.