Monday 12th May 2008
Repossession orders have risen by 17 per cent year-on-year and nine per cent in the last quarter alone, according to the Ministry of Justice.
Figures from the government body show that 27,530 mortgage possession orders were issued over the first quarter of 2008.
Landlords are faring better than private homeowners, it seems, with possession orders against such individuals up by two per cent over the quarter and ten per cent over the year.
The Ministry of Justice notes that the figures now incorporate seasonal adjustments, attempting to account for the natural variation in data over the course of the year.
Such adjustments to the raw statistics help to assess how the market is changing over time more accurately, the ministry states.
Concerned readers are also advised that the figures represent possession orders made - which is typically higher than the number of properties actually repossessed.
Industry body the Association of Independent Financial Advisers suggests that those facing financial difficulty should seek professional help in order to avoid becoming part of the statistics.
Director general Chris Cummings comments: "Advisers can help consumers to adopt better financial management and better all-round budgeting."
This can have a knock-on effect on the economy as a whole, according to the spokesperson, by preventing those individuals from becoming a burden on the state.
He adds that advisers "can help manage debt through talking to the lender, finding an alternative mortgage deal or an alternative financial solution".
Mr Cummings notes that the industry is already sharing greater levels of information in order to keep lenders and mortgage intermediaries aware of the affordability issues being faced by customers as a whole.
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