Nearly 60,000 UK households at risk of repossession

Nearly 60,000 homes in the UK are at high risk of repossession, government figures reveal.

Figures from the Housing Statistics 2007 report, published today by the Department of Communities and Local Government, show that almost 60,000 families with disposable incomes below £1,000 each month are paying £750 a month on mortgage payments.

The report shows almost 20,000 families earning up to £1,000 per month are spending 100% of this on mortgage repayments.

Julia Goldsworthy, shadow communities and local government secretary for the Liberal Democrats, says: “There are 60,000 families teetering on the edge of losing their homes, weighed down by massive debts.

“As living costs rise, and the credit crunch starts to bite, families are forced to cut back on essentials in order to keep a roof over their heads.”

She adds: “ But ministers are not prepared to deal with the housing crash as the safety nets have been withdrawn. There are almost a million fewer social homes to rent than during the last recession while the number of families waiting for housing has skyrocketed.

“This government has buried its head in the sand, and it is overstretched families who are paying the price.”