British homeowners facing "bleak winter"
British homeowners facing "bleak winter"
Friday 19th December 2008
The CML's report states that 210,000 UK households will be more than three months in arrears by the end of 2008, with this figure set to rise to 500,000 in 12 months' time.
Commenting on the statistics, Shelter chief executive Adam Sampson said that British property owners already face a "bleak winter of rising fuel and housing costs", with many struggling to hold on to their homes.
He suggested that rising unemployment and negative equity levels will increase the number of homeowners with unmanageable debts.
"Lenders must use repossession as a last resort," Mr Sampson said.
The CML anticipates about 75,000 repossessions to take place across the UK in 2009.
A recent Daily Mail report suggested that unpaid credit card debt is a growing cause of repossessions among British homeowners.
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