More repossessions are now inevitable

The government is not slow to tell the banks to "get on with it" when dealing with the mortgage crisis. But behind the scenes, ministers recognise one very tricky reality. It is that "getting on with it" will mean a significant number of house repossessions - probably running into the tens of thousands.

Many will be buy-to-let properties, where the landlord is completely underwater financially. But some, too, will be owner-occupiers. If this ...