Home repossessions hit eight-year high

The number of people whose homes were repossessed jumped by more than 20 per cent during 2007 to reach an eight-year high, figures showed today.

A total of 27,100 homes were taken back by lenders after their owners failed to keep up with mortgage repayments - the equivalent of 0.23 per cent of all mortgages, the Council of Mortgage Lenders said.

But the group said the figure was 10 per cenrt lower than it had previously estimated, and it was also well down on the high of 75,540 repossessions reached during the house price crash in 1991.