Repossessions ‘To Soar’ in 2009

A bleak 2009 could be on the horizon for many homeowners, as homeless charity Crisis predict that more will have to face the possibility of repossession.

The charity has warned that nearly 10% of homeowners are struggling to keep up with their mortgage or rent payments, and this figure is set for an increase if unemployment figures continue to rise. According to their research, a third said that facing repossession could be a possibility within as little as three months after losing their job.

Leslie Morphy, chief executive of Crisis said: “These figures are a stark warning for 2009… Many are struggling to keep their homes. The situation is only made worse by pressure on jobs, with unemployment levels set to reach two million by the end of the year.”