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Scottish Charity Register No. SC043760

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Repossessions on the up

May 21 2009
Economists have warned tens of thousands of homeowners could be made homeless this year, as repossessions soar in the wake of the sub-prime mortgage crisis More than 33,000 people ‚Äö?Ñ?¨ a rise of 23 per cent - could lose their homes as banks fail to pass on the interest rate cuts to people with mortgages, the Centre for Economics and Business Research (CEBR) has claimed. CEBR economist John Ward said: "Until mortgage finance starts to flow again, the outcome will be a reduction in house prices and an increase in repossessions." The warning came as house prices fell for the seventh month in a row, leaving homes costing less than they did a year ago, with an average price tag of ¬¨¬£173,100 in England and Wales.
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