The first quarter 2008 statistics showed a 17
percent increase in the number of homes repossessed compared
to this time last year. The figures, issued by the Ministry
of Justice, also reflected a 9% increase since the last quarter
of 2007.
House prices have also been steadily falling, with figures showing
a decline for the last seven months – the longest consecutive
period of falls since 1992. The average home now costs £173,583,
which is 4.4 percent lower than last year’s prices.
Research carried out by a charity specialising in money management,
has shown that lawyers offering free legal advice are in short
supply, as resources are stretched across the increase in repossession
based cases. Seeking legal advice early is acknowledged
as one of the best methods of damage limitation. The government
has estimated that around 85% of people with legal representation
can avoid immediate repossession.
