Brown's 'economic miracle' is unravelling.....................
Repossessions at record high
by Miles Godfrey
27th February 2006
Lenders launched repossession proceedings against 2,786 owners last year, the highest number since the house price slump of 1989 and an increase of more than 50 per cent on the year before.
The data was recorded during a period of soaring utility bills and record personal debt levels.
Half of all repossession orders granted by the courts result in eviction, meaning that around 1,400 householders were turned out of their homes last year.
Housing professionals described repossessions and personal debt as the biggest problem facing society and called for a more realistic approach to borrowing to prevent families losing their homes.
Borrowers have to miss only two mortgage payments to be threatened with repossession.
A spokesman for Worthing-based insolvency practitioners NancollasGreer said: "Readily available credit and a live now, pay later culture have made it easier for people to get into serious financial difficulty and the impact of not being able to make repayments has never been harder.
"The figures clearly show the long-term impact of bankruptcy in Sussex.
"Bankruptcy and home repossession often go hand in hand and individuals who fail to overcome their financial problems and file for bankruptcy risk losing their homes."
Sussex finished tenth-highest on a list of 53 counties for mortgage repossessions in 2005. Brighton is by far the highest on a list of homes repossessed during the last quarter.