Repossession enquiries on the rise

Enquiries about repossessions have increased by over a quarter in the last 12 months, a new report has shown.

The Property Portfolio Rescue (PPR) distress index reported a rise of 25.7 per cent in enquiries from concerned property owners.

More than 3,100 enquiries were made in the third quarter of this year and PPR estimates that actual repossessions will rise to over 18,000 by the corresponding period in 2010.

The figures are in stark contrast to recent reports that the housing market is beginning to stabilise and see modest growth in some areas.

Chris Jenkins, co-owner of free advice service the Homeowners Advice Centre, said the findings were not surprising as there are fewer companies offering help to owners struggling through financial difficulties.

"Despite bold statements made by some that the housing market and general economic outlook are becoming more favourable, there are still many ordinary people and organisations that are struggling," he said.

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