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The number of homeowners being repossessed almost doubled in the year to the end of last September, as rising household bills and the squeeze on lending took their toll on struggling borrowers, figures showed today.
In the third quarter of last year, 13,161 homes were taken into possession by lenders – a 92% increase on the same period of the previous year, according to data from the Financial Services Authority (FSA).
At the same time there was a sharp increase in the number of borrowers falling behind on mortgage repayments.
While the number of homeowners falling into arrears had remained at around 54,000 each quarter since early 2007, the FSA said the figure jumped by 10% in the third quarter of last year to 60,000 cases.
With borrowers increasingly struggling to clear arrears, the total number of households behind with their repayments jumped by 10% over the quarter to 340,000.
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