Repossession Court Actions Up 35%
Court actions to repossess houses rise by over a third in 12 months
28th April 2005
There has been a 35% rise over 12 months in the number of court actions started to repossess houses, according to official figures released. The number of actions is now at it's highest level since the last property crash of the 1990s.
The figures do not show actual repossession levels, as many lenders apply for a repossession order as 'insurance' during negotiations with a customer to reach a payment arrangement.
Many analysts see the figures as further evidence that the interest rate rises of the last 18 months have had the desired effect of slowing down the economy.
Read More: Money Guardian
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