New figures show that Labour’s support for homeowners is helping to keep down the number of families having their homes repossessed.

The Council of Mortgage Lenders has announced that it has revised down its forecast on the numbers of repossessions this year from 65,000 to 48,000.  The Ministry of Justice has also published figures showing that lenders’ claims for mortgage possession between July and September were 37 per cent lower than during the same period in 2008.

In the Tory recession of the 1990s, families were left to sink on as the recession took its course – leading to repossession rates much higher than today.

Justice Secretary Jack Straw and Courts Minister Bridget Prentice welcomed the impact of government measures to help homeowners in debt and said they are looking at ways to extend that help.

John Healey MP, Labour's Housing Minister, said:

"In the early 1990s, the Tories left families to sink or swim as the recession took its course. Repossessions, arrears and negative equity reached double their current level.

"We have put support for homeowners at the heart of our response to the economic downturn.  We have tightened the rules so repossession is always the last resort for lenders. Over 300,000 homeowners have got help and advice with their mortgage since April 2008.

"Yet the Tories haven't learnt anything from their past mistakes - they are dismissive of Labour’s help with mortgage payments and propose cuts that would hinder economic recovery. The Tory approach would lead to a longer and deeper recession, with more people at risk of losing their jobs and their homes, just like in the early 90s."