Construction NewsConstruction Directory JCB Insurance Services Ltd
Rocburn Ltd Powerbetter Environmental Ltd Herpetosure fencing Direct Deans Blinds & Awnings UK Ltd ScaffGap Ltd A1 Survey JT Pumps Co-Dunkall ltd Holliday Fielding Hocking Ltd Fowler & Sons (Master Thatchers) Ltd Midland Lift Services Swish Building Products Holztechnik Machinery Services Ltd Benfield ATT Group Ltd Sports and Safety Surfaces Rockbond SCP Ltd

United Kingdom Industry News

11/05/2012

Tackling Record Deficit Helps Keep Repossessions Down

The Government's commitment to tackling the record deficit is keeping interest rates at a record low and a secure roof over the heads of millions of hard-working homeowners, Housing Minister Grant Shapps said.

The Minister spoke as latest figures from the Council of Mortgage Lenders showed the number of repossessions unchanged from the same quarter last year. Today's figures show there were 9,600 repossessions during the first three months of 2012 - unchanged from the same quarter of 2011.

Mr Shapps said the figures underlined how Government action was helping to head off the threat of far higher rates of home repossessions predicted by a leading academic three years ago.

- - - - - - Advertisement - - - - - -
hss

In his report Professor John Muellbauer of Nuffield College, Oxford warned that at the extreme, repossessions could hit levels last seen in the 1990s - and even in more likely scenarios could hit as many as 60,000 a year.

But the Minister also stressed that while today's figures from the Council of Mortgage Lenders were below these earlier predictions, there was no room for complacency and that the Government is determined to do all it can to prevent the trauma of repossession for hard-pressed households.

Mr Shapps said: "No family that has worked hard to buy their own home should be left feeling like repossession is the only option - not when there is help and support on offer to ensure that it is only ever the last resort.

"Thanks to our work to tackle the deficit, we've managed to keep interest rates at record lows, keeping pressure off hardworking homeowners, and meaning we're nowhere near the levels predicted only three years ago.

"Even though figures today show that repossession levels are stable, now is not the time to rest on our laurels. Just as the Government is tackling the problem head on I would urge struggling homeowners to do the same - I would urge them to take action and take charge, get advice early and use the support on offer."

(CD/GK)

Bookmark and Share

Top Stories
17/04/2014
Balfour Beatty Begin On 11.6m Project
17/04/2014
Plans Approved To Redevelop The Warner Stand
17/04/2014
Building Starts On Manchester Leisure Centre
17/04/2014
68m Improvement Scheme Announced For A477
17/04/2014
'Custom Build' Homes Come To Peterborough
17/04/2014
Work On DLR Pudding Mill Lane Station Nears Completion
17/04/2014
Fitter Given Suspended Sentence For Illegal Gas Work
17/04/2014
LED Lamp Prices Fall By Almost 10%
16/04/2014
Mace JV Wins Sellafield Deal
16/04/2014
Construction Activity To Grow 18% By 2017 - CPA
Construction News Archive
Submit News Story
Editorial Staff
home
UK Construction Industry News
Balfour Beatty Begin On 11.6m Project
Plans Approved To Redevelop The Warner Stand
Building Starts On Manchester Leisure Centre
68m Improvement Scheme Announced For A477
'Custom Build' Homes Come To Peterborough
Work On DLR Pudding Mill Lane Station Nears Completion
Fitter Given Suspended Sentence For Illegal Gas Work
LED Lamp Prices Fall By Almost 10%
Mace JV Wins Sellafield Deal
Construction Activity To Grow 18% By 2017 - CPA
Peterborough Residents Save Thousands On Energy Bills
Major Environmental Improvements Made On The Gateway Route
Subscribe to email news

national News
House Of Commons To Debate Second Reading Of High Speed Rail Bill
RMT Announce Five Days Of Strike Action Over Closures
Co-Op Group Announce 2.5bn Loss
Life For 21-Year-Old Who Beheaded His Girlfriend
Met Report 'One Of The Biggest Gun Hauls Ever'
Stagecoach To Axe 14 Services And Reduce Others
Lorry Driver Arrested Over M26 Pile-Up
UK Women Endure Worst Sexism
Liverpool Remembers Hillsborough Victims
Manchester City Players The Best Paid In Global Sport
Liberton High School To Reopen After Teen Death
Hague Warns Russia Could Face Isolation
163% Increase In Foodbank Use - The Trussell Trust
Other News In Brief
Construction News Archive
download the build app from the app store
Traffic is ABC certified
ppa.co.uk
Coda Plastics Limited (Hessiclip) Robseal Roofing Solutions Ltd Allandor Ltd Builders Oak MGN Fire Protection Multiload Technology Ltd Classic PVC Home Improvements Ltd Road Marking Services Ltd Fast Calc Ltd Martin UK Roofing Systems Ltd CGIs Ltd Ark Stained Glass and Leaded Lights Danzer UK Limited Industrial Noise & Vibration Centre Adomast Manufacturing Limited Harland Simon Power Solutions
Commercial Vehicle Direct Ltd
Flagship Media Group Ltd
Unit C3, 6 Westbank Drive, Belfast,
BT3 9LA, Northern Ireland
Tel (+44) 28 9031 9008
Contact : Click here
Website Terms and Conditions

keycons003 / keycons003x16 19/04/2014 14:17:58 / A2 / B11 / 0.015625, 54.205.242.179 / BOT1

Tackling Record Deficit Helps Keep Repossessions Down - The Government's commitment to tackling the record deficit is keeping interest rates at a record low and a secure roof over the heads of millions of hard-working homeowners, Housing Minister Gra