Housing in crisis

9.00.00pm GMT Mon 18th Feb 2008

The number of home repossessions hit an eight-year high in 2007. Figures released by the Council of Mortgage Lenders shows that 27,100 homes were repossessed by lenders last year after homeowners failed to meet their mortgage repayments.

This is 21 per cent higher than in 2006 and represents 0.23 per cent of all home loans, the highest percentage since 1998.

"Given the high cost of buying a home in inner London, it is no wonder that last year we saw the highest number of home repossessions this century. I am concerned that we could be on the brink of another crash in the housing market.

The Government needs to stop ignoring this issue and put in place preventative measures to stop a crash, and to stop families becoming homeless" said Vauxhall Parliamentary Campaigner Caroline Pidgeon.