Home repossessions in Bristol up 40%, local campaigner reveals

New figures obtained by prospective Conservative MP for Kingswood, Chris Skidmore reveal that the number of repossessions by mortgage lenders in Bristol has risen by 38% in the past year.

The rise is more than twice the national average of a 17% increase.

Data from the Ministry of Justice shows that there were 392 repossession claims as a result of people defaulting on their mortgage made in Bristol in the first quarter of 2008, and 265 actual mortgage repossession orders made by mortgage lenders- up 38% compared with the first quarter of 2007.

In addition, there have been a significant rise in the number of repossessions by landlords- 385, up 43% on 2007.

The combined total makes Bristol the area with the highest number of repossessions in the South, outside London.

The figures echo the concerns Chris revealed in a report last month, showing that nearly 45,000 households in Bristol are currently in a 'sub prime' category- meaning that households may suffer to meet mortgage and other debt payments as a result of the credit crunch crisis.

Chris said: 'These figures are extremely concerning. We are beginning to see the results of downturn in the economy beginning to affect our local area. For years borrowers were allowed to borrow more money than they were able to repay in the long term. An economy that Gordon Brown built upon debt was always going to be living on borrowed time. Sadly, that time has come and many families will be feeling the pain.'

Download a copy of the figures detailing mortgage repossession orders broken down by region for Q1 2008.

Back to News index