The Foreclosure Report

No Soft Landing For The UK

Perhaps you've heard of the 'soft landing' in the UK? "Individual insolvencies in Britain reached an all-time high of 17,562 in the third quarter of 2005, an increase of 11.6 per cent on the quarter and 46 per cent on the year, and the highest since 1960."

"The Britishers piled up more than a trillion pounds in debts aided by reduced borrowing costs and increasing property prices a couple of years ago. But, the interest rate hikes imposed by the Bank of England between November 2003 and August 2005 and a slowdown in the market put the households on a tight leash, which meant defaults in repayment of loans."

"Bankruptcies too registered an all-time hight at 12,043, up 30.9 percent on the year. Individual agreements with creditors also grew 95 per cent on the year."

"There has been a 66 per cent increase in the number of mortgage repossession orders in the third quarter in England and Wales."

posted by Ben Jones @ 10:38 AM