Shelter: Latest CML figures

Commenting on the latest CML figures, that estimate 75,000 people could be repossessed next year, Shelter chief executive Adam Sampson, warned: "Britain is now sliding ever more quickly into the dark days of the 1990s housing recession while lenders and the Government stand by and watch.

"Although some steps have been taken to help struggling homeowners, it's obviously been too little too late as the number of repossessions continues to escalate, and with one million more mortgages held than in the '90s the number could be even higher."

Mr Sampson added: "These new figures are yet more bad news for many homeowners already facing a bleak winter of rising fuel and housing costs, with many severe shocks to come in the near future, including increasing unemployment, rising negative equity and the dramatic increase in homeowners falling into arrears.

"Lenders must use repossession as a last resort by giving borrowers the chance of mortgage holidays, changing to interest only payments, moving to a different lower rate mortgage or working out a better payment plan.

"In the last six months a total of 463,000 people have looked to Shelter for help, and the figure is continuing to rise in the run up to Christmas and the New Year as the financial crisis hits home harder."