Repossession every 10 minutes

The number of homeowners being repossessed almost doubled during 2008, including in the third quarter a 92 per cent increase which is one house every 10 minutes. Figures from the Financial Services Authority also show that 340,000 borrowers were behind on their mortgage repayments, a 10 per cent rise compared with the previous quarter of last year, and a 24 per cent rise on the same period in 2007.