“Worryingly, these figures appear to show that the six month delay on repossession orders that many of the banks announced at the end of last year was not taken soon enough,” he said. “It is also an urgent reminder that the measures taken by the Government to release credit into the market must begin to take swift effect.
“Most importantly it demonstrates the vicious cycle of recession – in which unemployment leads to missed mortgage payments and repossessions, which in turn discourages banks from lending and, ultimately, stops potential buyers getting onto the property ladder in the first place.
“The Government and the banks must abandon scattergun rescue packages and co-ordinate on an overarching recovery plan to pull us out of this morass as quickly as possible.”
