Repossessions on the up
May 22nd 2009
More than 33,000 people ‚Äö?Ñ?¨ a rise of 23 per cent - could lose their homes as banks fail to pass on the interest rate cuts to people with mortgages, the Centre for Economics and Business Research (CEBR) has claimed.
CEBR economist John Ward said: "Until mortgage finance starts to flow again, the outcome will be a reduction in house prices and an increase in repossessions."
The warning came as house prices fell for the seventh month in a row, leaving homes costing less than they did a year ago, with an average price tag of ¬¨¬£173,100 in England and Wales.