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Figures show that some 11,300 more homes were repossessed in the third quarter of this year and that is a 13% increase on the previous quarter. This figure is definately set to get worse as the economic situation of the UK worsens. This years figures show that around 19,000 homes were repossessed in the first half of the year according to CML, highest for 12 years. The CML also predict that the final figure for this year will be a massive 45,000 repossessions.

The government is trying to combat these fast increasing figures, but really are fighting a loosing battle as inflation still remains very high and the massive increase in job loses all round the country. Add to this that many home owners who pruchased over the last few years already see themselves in negative equity, times for home owners looks very bleak for the short to mid term future.

My personnel opinion? A lot of these repossessions are those that stretched themselves too far with their house purchase, that never planned ahead and thought about potential bad times that could lay ahead. Ones that never read the small print on their mortgages they took out, just lived for today and didn’t think about when the higher interest payment rates were to come about. Never saved, but just used their plastic friends to buy the new car, new kitchen, new flat screen TV’s, SKY TV fees, the holidays to sunny shores???

I just feel sorry for the very few that are genuinely hitting hard times, that did lose there jobs dispute many years loyal service and the inflation increase has taken them well above their comfort zone. That they now find themselves in negative equity and quite literally find themselves in a ‘no move’ situation or they admit defeat and give the keys to their homes back to the bank… but where some lose, some are to gain and at last young families can afford a house to live in as we see house prices falling, and as one house sells for cheap in an auction and somebody has lost everything, someone will gain a new start in life and a cheap property to live in.