The Foyle MLA was speaking as the latest figures on home repossession here showed a 45 per cent increase in court orders compared with the same period last year.
He said: "These figures are extremely worrying, not only as stand alone figures but in the context of the raft of welfare reform measures the Tory Government are looking to implement that will only have a further impact on the amount of people losing their homes.
-- Advertisement --
"Not since 2008 have we seen figures anwhere near this number and that does not bode well for the next few years.
"The most pertinent point to note here is that these are not house repossessions but rather home repossessions. There is a culture in this country of owning your own home. And through no fault of their own many people stand to lose the house they have reared their family in or the house they have intended to begin their adult lives.
"The Executive needs to take action and do it immediately. Otherwise the social and financial cost will be huge with homelessness soaring and family breakdown a likely side effect.
"With the Welfare Reform changes coming down the line there is a new looming threat to the future of mortgage interest payments to add to the already strained pockets of home owners.
"Therefore as a government, it is vital that we take practical action to help those in need and introduce measures to assist those experiencing difficulties in paying their mortgages."
(CD)
