Stafford has emerged as one of the fastest-growing areas in the country for home repossessions, according to the latest statistics.

The affluent town might have been expected by most people to weather the credit crunch better than its less well-off neighbours.

But new statistics show that over the past few months, repossessions have exploded by more than 70 per cent, prompting fears of an increase in homelessness in the area.

With hundreds of families potentially losing their homes, the development also means local housing waiting lists could be made much longer. Council chiefs say they are helpless to address the problem as private borrowing is outside of their control.