Home repossessions on the rise

982606765The number of people losing their homes in Northern Ireland is rising steeply. Home repossessions increased 15% in the last quarter of 2012 compared to 2011.

For 2012, on average 10 writs were served every day on people to vacate their properties. The numbers of people seeking advice is rising even sharper, with the Housing Rights Service seeing a 35% increase in numbers of people at risk of being evicted due to mortgage defaults.

It is estimated one-third of houses bought since 2005 are in negative equity after speculators and banks made a killing on the property boom.

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