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09/12/2009
Repossession forecast down again |
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The Council of Mortgage Lenders (CML) has acknowledged that it was wrong in its previous forecasts about the number of repossessions in the UK this year.
CML spokesman Bernard Clarke acknowledged that the prediction made by the body did not foresee the help lenders and the government would provide.
He explained: "One of the reasons we're seeing a lower level of repossessions than we originally thought is that a lot of work has gone into helping to manage borrowers through those circumstances."
For this reason, the ML has lowered its original projection for lost homes from 75,000 to 65,000 and now to 48,000.
However, Mr Clarke added, the CML is tipping a small rise in repossessions to 53,000 in 2010 due to an increase in unemployment.
Those affected by the possibility of repossession may wish to speak to a property lawyer.
Actions taken to protect owners include a policy introduced by housing minister John Healey from the start of October, obliging lenders beginning proceedings against a householder to inform the local authority.
This would then enable councils to target support to struggling homeowners.
Written by Laurence Smith
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