Irish Home Repossessions Rose By 80% in 2015

Home repossessions in Ireland have rose by a massive 80% last year – with an extra 1,500 people declaring themselves homeless.

According to official figures from the Central Bank for the first three quarters of 2015, 564 homes were repossessed up until the end of September 2015. This is a huge increase in repossession compared to 2013 when 313 homes were repossessed in total.

Reacting to theses figures Pat Doyle, CEO of the Peter McVerry Trust has expressed his concern at this spiralling rate of house repossessions. He pointed out that it was Mortgage arrears that was the main reason for these repossessions.

Doyle commented that:

“The number of buy to let properties in arrears remains over 30,000 and we know financial institutions are evicting sitting tenants to secure vacant possession. Many of those tenants will have nowhere to go but into homeless services while the unit they once rented will likely sit empty for a long period of time until the banks see fit to put it on the market.”

With the overall homeless figure continuing to rise as well at the same time in Ireland this could be set to make the homeless figures even worse.

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