Repossessions jump 12 percent in Britain

LONDON, Nov. 21 (UPI) -- Home repossessions rose 12 percent in Britain in the third quarter and the annual figure is projected to be a 70 percent jump over 2007, an industry group said.

The Council of Mortgage Lenders said the annual total of repossessions in Britain could reach 45,000 by year's end. There were 11,300 repossessions recorded in the months of July through September, The Times of London reported.

By the end of the reporting period, 168,000 homeowners were three months behind on their mortgage payments, The Times said.

In the second quarter, 156,000 were in arrears, The Guardian reported Friday.

"Looking ahead, conditions in the wider economy suggest a worsening picture for mortgage arrears, however carefully lenders handle their treatment of borrowers in difficulty," Michael Coogan, director general of CML told The Times.

Coogan said the government should provide "much more assistance."

RICS chief economist Simon Rubinsohn said "it is inevitable" that late payments and repossessions will rise "with unemployment set to rise sharply."