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Repossessions rise in Newport

10:53am Sunday 11th May 2008

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By South Wales Argus Newsdesk »

THE NUMBER of home owners with properties facing repossession increased by more than half in Newport.

The figures, released by the Ministry of Justice, show Newport county court processed the second highest number of repossessions in Wales after Cardiff.

Gwent estate agents have put the high figure down to home owners living beyond their means -leaving them exposed when higher mortgage rates hit.

Statistics show that 252 repossession orders were made in the first three months of 2008, an increase of 68 per cent from 147 on the same three months in 2007.

Pontypool crown court processed just 38, an actual decrease of 5 per cent.

Nathan Reeks, Cwmbran branch manager of Darlows estate agents, said the large number of repossessions is down home owners living beyond their means.

Chris Davies of Davis & Sons Newport, agreed: "People have been stretching themselves, and they're facing increased repayments when they remortgage.

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Your Say YourGwent

ALF, newport gwent says...
5:05pm Sun 11 May 08

I finished my mortgage 4 years ago and although "yes" some people do live beyond their means, surely mortgage advisers etc,who get mortgages and advise applicants how much they can afford along with horrendous soars in the cost of living comes into the equation somewhere.Still as long as the MP's and other members of parliment still get their rise and stylish 2nd homes why would they give it a second thought.The rich are getting richer and working class struggling.

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