The repossession statistics make alarming reading — until, that is, you consider the nature of these numbers. In the first three months of this year, there were 27,530 repossession orders, which are not the same as actual repossessions. These people are at risk of losing their homes through persistent failure to meet their mortgage repayments, but not all will do so: last year there were 95,000 repossession orders, but only 27,100 repossessions.

Repossession does not also mean a get-out-of-jail-free card, an escape from mortgage debt: the former homeowner continues to be liable to the mortgage lender, which will still seek to recover its money.

In some cases, a repossession order can be a short, sharp shock that will encourage a borrower who is in denial about his arrears to start talking to his lender about ways in which the debt burden can be lessened or rescheduled. Banks and building societies are open to negotiations; after all, it is in their financial interest to keep customers in their homes.

The Ministry of Justice figures include homebuyers who have already agreed an easier repayment programme with their lenders. These individuals and families will have their homes repossessed only if they renege on their pledges.

Repossessions are about to rise this year, reflecting the hardship being caused by costlier mortgages and the surging cost of living. About 1.4million borrowers will come to the end of superdiscounted fixed-rate loans this year; they will not be able to move to equally advantageous deals.

For the moment, the Council of Mortgage Lenders is still forecasting that 45,000 borrowers will lose their homes. In 1991, at the height of the Nineties property slump, there were 75,540 repossessions, many voluntary: people handed in their keys rather than continue the struggle of meeting mortgage repayments that had doubled.

Not before time, the Government is now pledging that there will be extra guidance from Citizens Advice Bureaux and other services for those unable to cope with their mortgages and other debts: behind closed doors, ministers are cajoling lenders to be patient with those who fall behind with their commitments.

In previous property market downturns, repossessed properties have been the way for first-time buyers to clamber on to the housing ladder. So far, this is not proving to be the case. Repossessed properties are being snapped up — but by cash-rich investors. First-time buyers, who are facing huge difficulties obtaining mortgages, can only stand by in frustration.