Rise in number of sub-prime repossessions

Repossessions among sub-prime borrowers accounted for 30 per cent of all repossessions in the UK during 2008, Fitch Ratings said yesterday. Despite the sector comprising less than 10 per cent of the entire UK mortgage market, approximately 12,200 properties repossessed last year were from so-called sub-prime borrowers, and the numbers gathered pace during the year, with more properties repossessed in the fourth quarter than in each of the previous three quarters.