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Family home repossessions rise to more than four a day

Published 10/06/2016

Housing repossessions have risen in the first three months of the year
Housing repossessions have risen in the first three months of the year

The number of people seeing their family home repossessed has soared again this year to more than four a day.

Figures at the end of last year suggested the crisis may have peaked but new data showed 411 struggling homeowners were forced to hand back their keys in the first three months of the year.

Some 282 of those volunteered to give back the property after giving up the fight.

The Central Bank report showed the rate of repossessions narrowly reduced to three a day at the end of last year but it has jumped again to 4.5 repossessions a day between January and March this year.

Those numbers only reflect the damage the financial crisis has done to people trying to stay in their own home - other data from the regulator showed 302 investors and landlords in the buy-to-let market suffered the same fate.

The figures were released alongside mortgage statistics which showed the banks recorded 4.1 billion euro of arrears to the end of March this year.

The Central Bank said 50,616 mortgages were behind with payments by two years, including 14,924 which were classed as buy-to-lets.

Data from the last six years showed the Irish banks have repossessed 6,109 homes and apartments over a six-year period from the year before they were bailed out in 2010 until late last year.

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