Photosales
niJobfinder
niCarfinder
Home Delivery
Propertynews
Repossessions in Northern Ireland go up 93%
Friday, 14 November 2008
Mortgage repossessions in Northern Ireland has rocketed by a massive 93% during the third quarter of 2008, it was revealed today.
The figures reveal the true extent on the credit crunch on property owners with a soaring number unable to keep up repayments on their homes.
The Northern Ireland Court Service today published statistics for High Court repossession actions. During the third quarter of 2008 1,006 writs and summonses were issued.
The comparable figure for the third quarter last year was 521. This year’s figures show a 93% jump.
The Court Service today moved to limit a housing crisis by announcing initiatives that will provide help to people who face having their homes repossessed.
The service is working with the Housing Rights Service to set up an advice facility which will come into operation in January for those coming to court without their own legal representation.
Director of the Court Service, David Lavery, said: “The Court Service has been aware of the rising trend of repossession actions in Northern Ireland and has agreed with Housing Rights Service on the need to provide advice facilities at the Royal Courts of Justice and at Laganside Courts. We expect that this will be available to the public from early January 2009.
“This initiative will ensure that advice is available free of charge for people involved in repossession proceedings who do not have their own legal representation.
“A link will also be provided on our website to the HRS website when the new service is launched and their leaflet will also be available from us online.”
Meanwhile, the Lord Chief Justice is considering the need for a special protocol governing actions for housing repossession in Northern Ireland.
The general principles are already being applied by the courts and consultation on a draft protocol has begun. Under it, a judge hearing a repossession case will expect parties to take all reasonable steps to resolve matters before starting proceedings, so that a repossession claim is a measure of last resort.
Before coming to court, parties will be encouraged to have discussions about the reasons for the mortgage falling into arrears and the borrower’s financial circumstances to see if a proposal for repayment can be agreed.
A spokeswoman for the Lord Chief Justice said: “Judges in Northern Ireland see repossession proceedings as a last resort. The steps in this draft protocol are very similar to the steps many mortgage lenders already take before coming to court.
“A protocol will seek to ensure that all lenders adhere to best practice and will help make sure that no-one loses their home in Northern Ireland unless there is no reasonable alternative.
“It is also important for people who may be the subject of proceedings to seek advice as early as possible from a solicitor or an advice centre.
“In many situations something can be done to save their home.”
- Text Size
phoney tony led us into the never never land ; can crash gordon save us.......
Posted by jl | 14.11.08, 18:58 GMT
Some people still seem to think that the housing market will somehow bounce back if we have a positive attitude.
The average house price to average income ratio in N. Ireland is way out of sync with anywhere else. FACT
There is no possibility that the market will recover. Another 30% to 50% reduction in prices is certain. Further negativity does help first time buyers.
Posted by Patrick | 14.11.08, 18:37 GMT
Remember that idiotic article the other day by a so called financial expert who claimed that the housing market was shortly going to bottom out............he should have reorted that the bottom was going to fall out of it!!!!!!!!!!!!!!!!!
Posted by Nigel69 | 14.11.08, 16:10 GMT
Any wonder they have risen? The Government, Estate Agents, Banks, Financial 'experts' and 'give up your job and become a property developer' programs have inflated the market to the ridiculous state it is now. Prices are too high and unsustainable as they have not been linked to pay. I don't have any pity for property developers losing homes as they are a BIG reason for the inflated market here anyway. I have agreed with a statement after the last bust in the 80s that a home is for nesting - not investing and this is as true now as ever.
Besides 'repos up' why did people feel that 'investing' in property was guaranteed to make money as ANY investment involves risk and property is no different. Will the easily-led and forgetful average joe remember this in the future?
Roll-on further house price falls for the sake of our future generations!
Posted by Neil | 14.11.08, 15:05 GMT
"why people were taken in by such high property prices and borrowing crazy amounts to buy is beyond me, never mind why the banks decided to lend the money in the first place. Might be something to do with the media saying prices can only go up?"
Greed mate. Greed.
Posted by Cuthbert | 14.11.08, 14:58 GMT
Neill - you're right about this being a small number. Things are going to get a LOT worse over the next 12 months..... why people were taken in by such high property prices and borrowing crazy amounts to buy is beyond me, never mind why the banks decided to lend the money in the first place. Might be something to do with the media saying prices can only go up? Prices still need to come down by another 30 or 40% before they are truly affordable - and they will! Further negativity helps stop others getting into trouble in a falling market, and will also help us reach the bottom sooner, so things can get moving again in 2011.
Posted by David | 14.11.08, 13:40 GMT
The average house price to average income ratio in N. Ireland is way out of sync with anywhere else.
In short, its what everyone has known for a long time...
House prices here are way overpriced!!!
Basic economics..
Posted by Ollie | 14.11.08, 13:17 GMT
In the great scheme this is still a small number. The heading Repossessions in Northern Ireland go up 93% just spreads further negativety through the market which helps no one. Repossessions double would be much more appropriate.
Posted by Neill | 14.11.08, 12:15 GMT