Following on from my anecdotal comment that I thought I had seen a significant increase in the number of repossessed properties over the past few months, it would seem that nationally there has been a 17% increase in the number of repossession orders.
This is a very worrying trend - and one of the most obvious indicators that families are struggling to meet the very demanding increases in the costs of living that we are currently facing.
With repossessions it is very often young buyers who have really stretched themselves to get their foot on the first rung of the housing ladder who are first to be hit hard by an increase in mortgage repayments. I hope that the Government can really make some solid moves to help banks pass on cuts in the basic rate of interest to consumers.
Despite Gordon Brown huffing and puffing and demanding that the high street banks do so, there has been very little sign of this happening. Whereas most of the banks are obviously not obliged to do anything Brown may say, it’s very telling that Northern Rock (obviously wholly owned by the Government) has also failed to take appropriate action.
If Brown wants a privatised toy bank to play with then he really ought to follow through on the commitments he expects from other retail banks.











