Brighter picture in London on bankruptcy declarations

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The figures, from the Ministry of Justice, show that the number of people in the capital petitioning for their own bankruptcy, as opposed to being forced to declare themselves insolvent by a creditor, hit 5880 in the 12 months to the end of June.

But the London data are much brighter than the national picture: the number of people declaring themselves bankrupt in England and Wales as a whole rose 22% compared with the same quarter of last year.

John Bangham, a director at professional services firm KPMG, said the number of personal insolvencies will continue "picking up steam as the myriad of consumers can no longer service their debt obligations".

He added: "The insolvency figures will only increase. While some banks are starting to offer mortgage products again, securing debt on homes, either by way of refinancing or new mortgages, remains very tough for many people."