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| News » Residential Property Law » Homeowners face legal issues as repossession rise tipped |
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18/06/2009
Homeowners face legal issues as repossession rise tipped |
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Repossessions could rise to as many as 120,000 by 2011, an expert has said.
Speaking at the Chartered Institute of Housing Conference and Exhibition, economist Ian Shepherdson said the number of homes being lost has fallen recently thanks to interest rate cuts, but rising unemployment will lead to an increase in the level over the next two years.
Predicting this rise will "peak" in 2011, he stated: "Quite where it is going to peak, I don't know, but I would imagine that we would be looking at quarterly averages of around the 25,000 to 30,000 mark."
Those who may face a court battle over their home might wish to seek help from a property lawyer.
The recent fall in repossession claims was revealed by the latest quarterly figures from the Ministry of Justice.
In the first three months of 2009 the seasonally adjusted total was 22,609, 13 per cent up on the last quarter of 2008.
Written by Pauline Adams
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