The Joseph Rowntree Foundation has called for more to be done to protect the many thousands of British families who are at risk of losing their home.
Serious debt management difficulties have seen a rise in the number of people facing repossession in recent months and the charity has published a report recommending that the government, mortgage lenders and consumers all do more to halt the trend.
The foundation’s plans include the establishment of a Sustainable Home Ownership Partnership scheme, through which mortgage borrowers at risk of defaulting would be able to access relevant insurance policies at a price they can afford.
“With housing market conditions tightening it’s time to re-think how to best help these households and to provide better underpinning for the housing market,” said Steve Wilcox, who co-authored the report.
Meanwhile, the National Association of Estate Agents has called for the Bank of England to introduce at least one interest rate cut in order to boost the scale of housing market activity in the UK.