Repossessions at 12-year high

Depressing news for home-owners today, as repossessions hit a twelve-year high.

Twelve years ago, we’d recently moved to Barnsbury from Highbury, bit nervous about the size of the mortgage, but confident that the only way was up. It’s very different for new homeowners today. Can’t keep up the payments, and ‘Homes under the Hammer’ meets Hammer horror, as your home is repossessed and auctioned off.

Thankfully Islington seems to be escaping the worst of it – so far. The London areas worst hit at present seem to be buy-to-let hotspots, like Lewisham, Thamesmead and Surrey Quays.

I spoke to Holloway-based auctioneers Drivers & Norris on Friday. They are seeing repossessions at the rate of 4-5 a year, whereas at the height of the last recession, it was more like 4-5 a month. But they warn things could get worse in the coming year. At least one house they previously sold as a repossession has since been repossessed again.

Meanwhile Lib Dem leader Nick Clegg points out that the Government’s much-hyped Homeowner Mortage Support Scheme has not helped a single household so far.

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