The growing debt crisis in the UK is starting to hit home, literally.

According to the Council of Mortgage Lenders, the number of people whose homes were repossessed increased by a third in the first half of the year.

The figures reveal that, quite shockingly, an average of 77 properties are now being lost every day and overall the repossession rate is at its highest for eight years.

However, separate data also released has revealed that personal insolvency levels have apparently fallen. But the experts are unimpressed, and point to the fact that people are simply shifting their debt from credit cards onto their homes.

Louise Brittain of accountants Baker Tilly says: “People are just throwing up their hands into the air. That’s why personal insolvencies are going down and repossessions are going up. With all the interest rate rises we’ve had I can’t see the repossessions improving."

Brittain also warns that the current figures don’t even reflect the three recent rises in interest rates this year. Says she: “That’s when we’ll have a disaster on our hands.”

She must be one of the four accountants of the Apocalypse.

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