Home repossessions increasing, says FSA

The number of homes in the UK being repossessed in the UK has surged by more than 70%, according to the Financial Services Authority (FSA).

Data released by the FSA today (28 October) revealed that over the last year repossession totals have increased by 71%, with the actual number of cases up by more than 11,000.

The rate at which homeowners are falling in arrears, in comparison, has increased by 16%, leaving the total monetary amount currently in arrears at £1.6 billion.

The FSA said in a statement: "While the number of new arrears cases has stayed constant… since early 2007, consumers are increasingly struggling to clear their arrears and consequently the total number of account in arrears is increasing."

Statistics from the government financial regulator also showed that the overall amount owed on homes presently stands at over £1,170 billion.

Earlier this month, the charity Credit Action attacked Northern Rock over its "overly aggressive" home repossession policy.