Repossessions Could Rise to 175,000 by 2012

Fri, 06 Aug 2010

Repossessions were at their peak in 1991, at 75,500, half of the worst case scenario forecast.

Since that prediction, the economy emerged from recession, rendering that projection redundant.

The most recent predictions suggest that the actual number of repossessions will be less than a third of that number.

However, the secret report, from Oxford University, commissioned in 2009 by the Department for Communities and Local Government, has been kept secret.

Grant Shapps, the current housing minister, Tory MP Grant Shapps, expressed his shock yesterday when he discovered the findings of the hidden report, which he went on to release today for the first time.

It predicts that repossessions are going to reach a record 109,000 in 2011 and to higher record of 174,521 in 2012.

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