Despite talk of the green shoots of recovery in the buy to let and housing market, a property is currently being repossessed every 11 minutes, claims a story in the Daily Telegraph this week.
The newspaper based its research on new figures from debt specialists Credit Action which say the high figure is being caused by the recession.
The organisation’s figures also stated that 9,300 people are visiting Citizens Advice every day as their struggle to cope with personal debt which at the end of September 2009 was a total of £1,459bn.
The Daily Telegraph provided a list to show how debt is still a major problem for property owners:
- 9,300 - number of new debt problems dealt with by CAB each day
- £58,340 is the average household debt (including mortgages)
- £182m interest paid in UK daily
- Every 11.5 minutes a property is repossessed
- 2,553 people made redundant every day
- one person
every 3.97 minutes declared bankrupt or insolvent
- £4,110 a second is the increase in Government national debt
In an interview with the Telegraph, Chris Tapp, director of the Credit Action charity, said: “A lot of people are reliant upon being able to borrow on their credit cards to smooth out peaks and troughs in their income and in many unfortunate situations [they rely on cards] simply to buy essential living costs.”
Credit Action also said that total secured lending on dwellings at the end of September 2009 stood at £1,229bn.
