Repossessions In U.K. Increase By 12 Percent

London, England (AHN) - Britain's housing crisis continues to worsen as home repossessions registered a 12 percent increase for the third quarter. While 11,300 homes were repossessed from July to September, for the same period 168,000 mortgages were in arrears, 8 percent higher compared to 155,600 at the end of the second quarter.

The worst is yet to come, according to the Council of Mortgage Lenders, which expects a larger number of Britons will lose their shelter and fail to make mortgage payments on time in the coming months as more people lose their jobs and house prices decrease further.

The CML, in a statement, said, "Unsurprisingly in a worsening economy, the number of households in arrears by the end of the year is likely to exceed the previous forecast of 170,000."

Aside from the 11,300 units which were taken back by lenders or banks, another 29,516 homes are in danger of suffering the same fate based on the number of mortgage repossession orders made by courts in England and Wales during Q3. But 47 percent of the orders were eventually suspended.