Monday 3rd September, 2007 

More and more Britons, who are struggling with debt, are finding it difficult to afford their mortgage repayments as indicated by recent figures released by the Royal Institute of Chartered Surveyors (Rics).

The impact of rising interest rates on mortgages repayments has caused more Britons, who were struggling to meet their mortgage repayments, to have their homes repossessed. This has led to an increase of the number of homes being auctioned to recover the mortgage arrears.

Rics figures indicate that there was a 32% rise in the number of houses auctioned in the second quarter of this year.

Oliver Giltman, Rics economist, is expecting that the effect of the recent rise in interest rates will cause more people to lose their homes.

Auctions are used by financial institutions as a means for a quick recovery of their money when a property has been repossessed from someone who has debt problems.