Number of properties taken into possession in first half of 2006 hits 8140

Repossession figures have soared by 76% according to a report by the Council of Mortgage Lenders.

The number of properties that have been taken into possession in the first half of this year stands at 8140, the highest it has been since 2001.

Since the second half of 2004 repossessions have increased by 171% but the figures remain low in comparison to the situation in the 1990s. In the second half of 1991 there were a massive 38,930 repossessions.

Industry figures predict that despite the sharp rise in the number of houses being possessed, these figures will drop in the next six months as statistics show that the percentage of mortgages in arrears has stabilised for the first time in three quarters.