The number of home repossession orders is at a three-year-high, according to figures indicating that recent rises in interest rates are beginning to bite.
The courts made 11,186 repossession orders in the third quarter, the highest number since the same period in 2001, and an annual rise of eight per cent. Figures also showed mortgage lenders began repossession proceedings in 18,513 cases, the highest since the beginning of 2000, and an increase of 15 per cent on the same time last year.
The data, from the Department for Constitutional Affairs, does not indicate how many houses have been repossessed, as not all the orders result in the issue and execution of warrants of possession.
Fifty-five per cent of orders made were suspended, allowing homeowners to remain in their properties as long as they met certain repayment terms, the department said.
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