The Financial Services Authority (FSA) has confirmed that the number of homes repossessed in the quarter to the end of September increased by 3% in comparison to the previous quarter, resulting in nearly 14,000 homes being repossessed by mortgage lenders .
This figure is 6% lower than the first three months of 2009 and there are signs that maybe some of the earlier forecasts for 2009 were too pessimistic.
There had been an initial forecast of 75,000 repossessions from the Council of Mortgage Lenders in 2009 although this forecast was later reduced dramaitcally to 48,000.
There are many people who consider that the number of homes being repossessed is pretty low simply due to relatively low UK base rates . Consequently, it is thought that once UK banks become more "competitive" and mortgage rates begin to increase we are likely to see a significant increase in the number of housing repossessions during 2010.
Some people are optimistic for 2010. However, that is not the case amongst economic analysts who consider that 2010 is going to be worse than 2009.
Reposessions Increase
Wed, 16 Dec 2009
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