Even though the number of repossessions is lower during the first quarter of last year by 10%, the first quarter has not begun the way many had hoped.  A total of 15% repossessions took place during Q1, totaling more than 9,000.  The Council of Mortgage Lenders recent figures also revealed almost 8,000 painful repossessions transpired over the course of Q4 2010.

With the number of mortgages in arrears exceeding 10% also surging during the last quarter of 2010, UK housing is ready for some optimistic turnarounds.

Chief economist at IHS Global Insight, Howard Archer, sees many households being at risk, especially with tighter fiscal policy on the horizon.

He remarked: "Any rise in interest rates would be liable to send a significant number of financially stretched people over the edge."

HW Fisher & Company’s David Birne commented on the ability for many homeowners to keep their head above water, saying: "The main reason the figures aren't worse is the breathing space afforded to homeowners by the ongoing low interest rate environment. When this comes to an end it will be the end of the road for many overstretched households.

"Throw further public sector job cuts, a stagnant economy and the soaring cost of living into the mix and there is every reason to believe arrears and repossessions will spike towards the end of the year and on into 2012."

Grant Shapps, housing minister, empathizes with the people and the difficulties they are trying to overcome.  He said the painful figures "underline how the recession has brought difficult times for lots of people.”

He insists the government is taking every measure to tackle the deficit and keep stressful times to a minimum for all UK households.