Downing Street Says » Repossessions

» Thursday, October 28, 2004

Repossessions

The PMOS took the opportunity to point out to journalists that some media reports today which claimed that repossessions of houses were at an historic high were wrong. The figures released by DCA yesterday represented the number of court actions entered to begin repossession proceedings. However, as the DCA press release had made clear explicitly, “The figures do not indicate how many houses have been repossessed”. The actual number of repossessions, as a percentage of all loans, was 0.03% – the lowest on record – compared to a peak of 0.4% in 1991 when it was 13 times greater. In 1991, there had been over 75,000 repossessions. Last year, the number had been 7,000.

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