Northern Rock repossessions reported to be 3.5 times above industry average

Shelter has told Channel 4 News that from January to June 2008, the total number of repossessed properties on Northern Rock's books was three and a half times the industry average.

In the last six months of 2007 it was already more than two and a half times the industry average, according to Shelter's analysis (see figures below).

January - June 2008

Northern Rock: 3710 properties repossessed (Northern Rock half year statement)

This figure equates to 0.56% of Northern Rock stock.

Shelter's says that the industry average is 0.16%.

According to Shelter the gap has widened from last year:

July - Dec 2007 (Shelter figs)

Industry average 0.11%

Northern Rock 0.29%

This morning Northern Rock insisted that it only takes its mortgage customers to court as a last resort. In a statement the bank said:

"The Company refutes any suggestion that we have adopted an overly aggressive stance to repossession."


"However, in certain circumstances where a reasonable agreement cannot be reached with a customer and arrears are accumulating at significant levels,it may not be in the best interests of the customer or the company to forebear and repossession becomes the only option available."