Home loss: going up

9 May 2014

repossed Home repossession has gone up for the first time in a year.

According to the Council of Mortgage Lenders, approximately 6400 repossessions took place between Jan to Mar 2014, which is up 4.9% on the same period from 2013.

The first quarter of 2013 had seen the lowest three-month total since CML's records began in 2008.

While it is more common for repossessions to occur at the start of the year, due to post-Christmas comedown and people struggling to find money due to new things to repay.

Overall in 2013 there were 28,900 repossessions, however in news that will both gladden and sadden, the CML predicts it should be down to 28,000 in 2014.

Be nice if were zero and that, but hey. Life. Bad scenes.

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