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Repossession up by 71%

It was announced this week that the rate of UK homes being repossessed has grown sharply once again.

The number of repossessions in the second quarter of the year was 11,054, up 71% compared with a year earlier.

The Financial Services Authority has confirmed that the number of repossessions has been steadily rising since September 2007.

The Land Registry has also released statistics showing that there has been an 8% fall in house prices across England and Wales this year.

Mortgage rescue specialist SecureASale says, “In our opinion, prices are now back to 2005 levels and anyone aiming to sell should set a low price to attract the few buyers that are out there.”

“These figures show just how serious the downturn is. Our prediction is that prices still have a way to fall and that homeowners wanting to release equity should act now before prices drop further.

The number of people falling behind with their mortgage repayments for at least three months has also risen steadily for more than a year, the FSA confirmed. The BBC reported that cases were up a staggering 16% on a year ago.

SecureASale director, Tim Jackson, comments, “If you can’t afford to keep up repayments on your home, then we strongly recommend contacting your bank or building society immediately to discuss the situation with them. They may be able to grant a payment holiday which will buy you some time.”

SecureASale helps people in exactly these circumstances every day. Its fast cash homebuyer service can help struggling families back into the black. SecureASale will even guarantee to rent your home back to you, giving you peace of mind.