Shelter response to new repossession figures from CML

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Friday, 08, Aug 2008 12:00

Shelter response to new repossession figures from CML

In response to new Council of Mortgage Lenders (CML) figures showing the number of homes repossessed in the first half of 2008 now stands at 18,900, a 48 per cent increase since the same time last year, Shelter’s chief executive Adam Sampson, said:

“These figures are shocking, but the real horror is that today struggling homeowners have less protection than in the 90s, but most people don’t even realise it.

“New research released by Shelter today shows 23 per cent of mortgage payers think they would receive prompt state help if they could not pay their mortgage. In reality, because financial help for homeowners in difficulty was cut after the last housing crash, nothing would kick in for 9 months, which is too late.

“One year into the credit crunch, the number of people being repossessed is rapidly rising, with these figures showing the biggest increase in a half year period since 1996. With current fears that unemployment is set to grow, there is no doubt we are inching ever closer to the dark days of the last repossession crisis.

“We know that behind these figures are thousands of families facing sleepless nights worrying about how to make their next mortgage payment, and many thousands more will be waking up to the frightening reality of repossession.

“Government urgently needs to step in to prevent thousands more families from losing their homes and provide the significant financial support troubled homeowners need to keep a roof over their head.”

ENDS

Note to editors:

1. Anyone struggling with the cost of their mortgages or with any other housing problem should go to http://www.shelter.org.uk or call Shelter’s free housing advice line on 0808 800 4444.

2. Shelter has launched a new Now is the Time campaign calling on Government to provide more affordable housing. To do your bit to right housing wrongs visit http://www.shelter.org.uk/nowisthetime

3. Shelter research, based on a recent YouGov survey, estimates that 23 per cent of mortgage payers in England that think they can rely on state benefits to pay their mortgage if they lose their income for 6 months. This equates to 1.9 million households.

For more information contact:

Emma Guise

Media Manager

t: 020 7505 1189

e: emma_guise@shelter.org.uk