54% in other words 20 year high

Council of Mortgage Lenders (CML) has said that the rate of repossessions has risen by 54% to 40,000 reposssessions. They have also said that it rise to 75,000 by the end of this year. To be honest, 40,000 doesn't sound like that much, but in an ideal year it will be 0; the economic situtation has hit everyone up and down the country and is starting to show its face now. The rate of repossessions has been rising since it hit a two decade low in 2003/2004, and now is expected to serpass that two decade high from 1991, which was at 75,000 homes.

These figures are for England and Wales. And Wales was the least hit with only a 1% rise (to 1,770) and the worst hit was the South West with a 20% rise (with 2,378 repossessions in total). And all the other areas of England are very high as well, showing that anyone can be hit by this, from former bankers to the self-employed, money can be hard to come by in these troubled times.