Newry Armagh Sinn Féin Sinn Féin -- Building an Ireland of Equals

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

Published: 24 April, 2009

Sinn Féin MLA Social Development Committee member Mickey Brady, 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 Brady 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. While this is good news it must be noted that this is not work done 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 losing their home then it could be beneficial but with the absence of a local mortgage rescue scheme things will get worse. The Minister needs to 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 Ireland's repossession figures and that of England and Wales."