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64% increase on home repossessions in North compared to 4% in England and Wales – Why?

23 April, 2009 - by Fra McCann

 Sinn Féin MLA and spokesperson on Housing, Fra McCann, has stated that the Social Development Minister must come forward and explain why house repossession have increased by a staggering 64% locally compared to 4% in England and Wales.

The figures came today from the DETI Committee where the Consumer Council revealed the findings.

Speaking today Mr McCann said:

“It is absolutely staggering to see that house repossessions have risen in the north of Ireland by a massive 64% whereas the figures only rose by 4% in England and Wales. Why is there such a discrepancy?

“This week the Minster announced the introduction of a Homeowners Mortgage support Scheme that has been brought forward by the British Treasury and this is good news however it must be remembered this is not work carried out by Margaret Ritchie, nor is there any sign of the mortgage rescue scheme that she promised as far back as February of 2008.

“If the Homeowners scheme can stop one person from loosing their home then it could be beneficial but with the absence of a local mortgage rescue scheme then things will get worse. The Minister needs to very clearly spell out her plan of action, if she has one.

“The Minister for Social Development  must now explain why there is such a massive disparity between the North of Irelands repossession figures and that of England and Wales.”

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