The FSA, Financial Services Authority, have announced that the number of people having their homes repossessed is on the rise. The figures, released by the FSA, show an increase of 71% over the same period last year. Total repossessions in the second quarter of this year numbered 11,054.
The FSA also confirmed that there are increasing numbers of people that are struggling with payments on secured loans and unsecured debt. There has also been a sharp increase in the number of consumers seeking debt counselling.
The trend seems set to continue, as the Land Registy confirmed that house values in England and Wales are still falling.