Home repossessions increase in St Albans

PUBLISHED: 13:44 02 September 2008 | UPDATED: 13:34 06 May 2010

A STEEP increase in the number of houses being repossessed in St Albans seems to indicate that the economic downturn is having a growing effect on the area. Government statistics show there was a 25 per cent in repossessions during the first half of the y

A STEEP increase in the number of houses being repossessed in St Albans seems to indicate that the economic downturn is having a growing effect on the area.

Government statistics show there was a 25 per cent in repossessions during the first half of the year compared to the same period in 2007. But the increase was even greater in the April to June segment of that period showing a rising trend.

Within Herts, Beds and Essex, only neighbouring Watford showed a greater increase in repossessions than St Albans, demonstrating the scale of the problem in south Herts.

St Albans LibDem prospective Parliamentary candidate Sandy Walkington described the figures as very alarming.

He said: "This could be the tip of the iceberg. We know how expensive it is to buy property in St Albans. People have to really extend themselves just to get onto the local housing ladder. Many will have taken out limited-term, fixed-rate mortgages and the difficulty comes when they have had to renew their mortgages on much higher variable rates.

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