Repossessions up by 'over 70%'

The number of home repossessions in the UK has gone up in the last year, according to new statistics.

Figures from the Financial Services Authority revealed that between April and June 2008, more than 11,000 people lost their houses.

This is nearly three-quarters up on the amount recorded during the same period of the previous year.

Statistics also indicated that this is higher than the figure it calculated after the first quarter of the year.

The FSA stated that between January and March 2008, there were 9,172 repossessions in the UK.

In addition, the financial watchdog revealed that the number of Britons having difficulty clearing home loan arrears has also gone up.

This comes after the Royal Institution of Chartered Surveyors found that estate agents in the UK have seen a drop in the number of property sales in recent months.

Between July and September, companies sold an average of just 11.5 properties, it stated.