Home repossession expected to rise sharply

By [tlee]

The number of homes which are repossessed in Bristol is thought to be about 20 a week.

This figure is based on the number of court orders which are made against individuals or families at Bristol County Court.

But a court order does not necessarily mean that a home is repossessed, some are given up voluntarily and some repossessions might not go ahead.

Some 266 individuals or families had orders made against them during the last quarter of 2008 as Britain sank into recession. This figure is 36 per cent higher than the same period for the previous year.

A spokesman for the Ministry of Justice said: "Repossessions can occur without a court order being made, while not all court orders result in repossession."

Repossession levels are expected to soar further this year as the economy continues to worsen. The Council of Mortgage Lenders predicts 75,000 people nationwide will lose their homes in 2009.

Adam Sampson, chief executive of homeless charity Shelter, said: "As these figures show, 2008 was a very bad year for thousands of homeowners in the South West who endured the heartbreaking trauma of losing their home.

"Now the CML prediction of 75,000 repossessions in Britain this year seems all too realistic.

"With the CML also estimating that half a million people in Britain will fall into mortgage arrears this year, there is no doubt that many homeowners will plunge further into debt as they turn to credit cards and loans in an effort to keep the bailiffs from the door."