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More home repossession pain

The number of mortgage possession claims (non-seasonally adjusted) brought to court by lenders increased from 34,689 in Q4 2007 to 40,442 in Q1 2008, according to new figures from the Ministry of Justice. The 16% increase; year-on-year, takes the number claims to their highest level since 1992 - the last time the UK economy had a major housing market downturn.

Meanwhile, the number of court orders awarding possession of properties to lenders rose to 26,930 in Q1, up 11% on the year - 53% of those being immediate (as opposed to suspended) possession orders. The number of claims made by landlords against tenants in arrears rose by 4% year-on-year to 38,878.

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