UK Sees Rise in Property Repos

The United Kingdom has seen a "significant" rise in property repossessions, according to new, revised statistics from the Council of Mortgage Lenders.The number of U.K. properties taken into possession during the first half of the year was up close to 30% from that of a year earlier and up 18% from that of the previous six-month period, according to the council. "Interest rates are clearly higher than many were expecting, and are set to remain so," said CML director general Michael Coogan. "And the greater risks inherent in subprime lending are resulting in significantly higher levels of repossession in that part of the market compared to mainstream experience. This impact has been underestimated in our past market data, which we have now revised." Mr. Coogan said that although the rise in repossessions has been "sharp," by historical standards "the absolute number of repossessions is still low."