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WEDNESDAY 26TH OCTOBER 2005  ESCALATING LEVEL OF HOUSE REPOSSESSIONS Mortgage repossession orders during the past three months in England and Wales were up 66% on a year ago to nearly 20,000, the highest level since the first quarter of 1996. Figures from the Department for Constitutional Affairs showed that the number of households in the early stages of the repossession process also rose sharply in the third quarter of 2005. Actions entered by lenders, the first stage of repossession, rose 55% over the past year to 29,991. The main reason behind the upturn in repossession activity is the rise in interest rates that began at the end of 2003 and continued to August of last year. These rises have increased mortgage interest payments by a substantial margin over the past year, and therefore an upturn in repossessions is not a surprise. However, the interest rate cut in August has eased the pressure on indebted households somewhat. Figures from the Bank of England show that the average interest rate on a standard variable mortgage fell 8 basis points in the third quarter, the largest fall since the third quarter of 2003. Recent statistics from the Royal Institution of Chartered show the recent rises in vendor instructions going into reverse in September after gradually abating since April (and the stock of available property stabilising over the same period), an indication that financial pressure on households has peaked, and may now subside, argues RICS. The Council of Mortgage Lenders has predicted that more than 10,000 homes will be repossessed by the end of the year. However, repossessions are still set to be much lower than the long-term average of 30,000, or the peak of 70,000 a year recorded during the early 1990s property market crash.

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