Figures released by the Financial Services Authority (FSA) has shown that in the third quarter of last year, one house was reposed every ten minutes, with a total of 13,616 reflecting a 92 percent rise against the last quarter of 2007.
There is also a rise in the number of homeowners in arrears, with 340,000 borrowers behind on their mortgage repayments. Compared to the previous quarter this is a 10 percent increase, and a 24 percent against the figures of the same period in 2007.
These worrying figures show that 2009 is set to be a bleak year for many homeowners, with a prediction that by the end of the year 500,000 people will be struggling to pay their mortgages.
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