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Home · News · Nearly 2,000 Properties in Northern Ireland Repossessed
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Nearly 2,000 Properties in Northern Ireland Repossessed
News has recently come out from Northern Ireland that in the year 2009 more than 1,800 properties were repossessed. A growing number of people were ordered to turn in their keys due to the fact that they defaulted on their mortgage payments. To give a sense of the scope of this problem, records have shown that more than 80,000 Northern Irish households failed to make their mortgage payments in addition to nearly 20,000 owners of businesses in the region, as well. This means that the total owned in rare for arrears at the end of the fiscal year ending in March 2010 was enormous: piling up to nearly £160 million with almost 60% of this being owned by the business sector itself. In this same time period, nearly 3,700 writs or summons regarding repossession were issued, says the Northern Ireland Court Service. Of those, exactly 1,804 ended up getting repossession orders made against them.These figures on rate arrears were released by the Land and Property Services and are a very keen view of the massive damage the recession has done to businesses in this region of Ireland, say experts. According to the Chief Executive of the LPS, John Wilkinson, it is how long the recession has lasted that is putting the crunch on local businesses and showing the results in pure debt accrued in that part of the economy. Fortunately, of the total £157 million due at the end of March 2010, a full £30 million has been collected since March. That means domestic customers are a potential problem area because they make up only one third of the debt collected in terms of cash volume.
17.07.2010. 10:32