Home repossessions rise to 40,000

The number of homes in the UK repossessed by lenders last year rose by 54 per cent to 40,000 according to the Council of Mortgage Lenders (CML). This figure is fewer than the 45,000 originally predicted, however the number of homeowners in arrears soared by 70 per cent over the same period. The CML has forecast that 500,000 people could fall behind by three months of more on their mortgage repayments this year, while up to 75,000 could lose their homes.