Repossessions are rising and some homeowners fear they may be forced onto the streets, a homeless charity has found.
Britons think the government should be doing more to prevent people from having their homes repossessed, new research shows. According to a survey by the homeless charity St Mungo's, 80 percent of people want the government to take more action on repossession as the economy takes a downturn and homeowners struggle to pay their mortgages.
It found that 52 percent of Brits are concerned about their current financial situation and 67 percent are reining in their spending - not just on luxuries but also on essentials such as energy and food. However, 14 percent are so concerned about their ability to meet mortgage repayments that they fear they could be forced out of their homes.
Indeed, St Mungo's said it is expecting an increase in the number of homeless people over the coming months, pointing out that 93 percent of those using its hostels in London claim they were forced onto the streets partly as a result of financial problems.
Charles Fraser, chief executive of St Mungo's, said: "The most vulnerable people in society will suffer the most from the financial crisis and we must provide support for those who need it. We need a guarantee from the government that those who are hanging on by their fingertips won't be shaken off."
According to the Financial Services Authority, some 11,054 homes were repossessed during the second quarter of this year - an increase of 71 percent compared to the same period in 2007.
