PRESS STATEMENT – PRESS STATEMENT – PRESS STATEMENT

IMMEDIATE RELEASE

SDLP MLA BURNS: COST OF LIVING FUELLING INCREASED REPOSSESSIONS

SDLP Social Development Spokesperson Thomas Burns said that recent increases in the cost of living have directly contributed to the rising number of repossessions.

The number of writs issued is at its highest level for five years. More than 750 were issued in the first quarter of 2008 compared with 550 for the same period in 2007.

Mr Burns said: “The rising cost of everyday basics such as food, petrol, diesel, gas and home heating oil is stretching people’s budgets to breaking point. Many homeowners have also found that their rates bills have increased significantly despite the regional rate being frozen.

“The fact that these people are now facing court action is a clear indicator that problems have been building for some time. This is not an overnight phenomenon. Pressure has been building and some people are now over-extended.

“Many people also took out fixed rate discounted mortgages during the property boom and these have now expired. Some people are facing very significant rises in their monthly repayments now.”

He further added, “Everyone wants to own their own home but I would warn buyers in the current market not to rush into things. At this stage I would urge people to be cautious and to make sure they do not take on any more debt than they can reasonably afford.”

ENDS