Repossessions in second quarter show ‘significant’ rise, while prices fall 2.2% in the year to September
House repossessions rose by 71% in the second quarter compared with the same period last year, according to new data.
The Financial Services Authority (FSA) reported that the number of repossessions was up “significantly”.
In the three months to the end of June, 11,054 homes were repossessed, compared with 6,476 in the same three months of 2007.
The price of the average UK home slipped to £168,814 in September – a fall of 2.2% over the year. September was the 13th consecutive month in which the annual rate of house price growth declined.
Wales saw the most significant slide in house prices, at 10.7%, making it the only region with a double-digit annual fall.
The FSA added that increasing numbers of homeowners are struggling to clear arrears that have built up.