Repossessions Set to Rise

Mon, 26 Jul 2010

Homeowners have been warned that a three way attack may see the number of repossessions rise significantly.

Mortgage lenders are getting impatient with people in arrears ; government assistance programmes are being curtailed or removed altogether and we are likely to witness interest rates rise and unemployment possibly soar.

The Council of Mortgage Lenders (CML) figures forecast that there are likely to be 53,000 repossessions in 2010.

However, new research suggests that there could be 175,000 repossessed properties by 2012.

The Oxford University figures are based on the most dire scenario of unemployment reaching 11.4 per cent in 2011 and interest rates increasing rapidly.

Should this occur then 2012 is set to be the darkest year in terms of repossessions since the housing market crash of the early 1990s.

Governmental cutbacks to support programmes for those not able to meet their mortgage repayments is only going to add to the troubles of struggling homeowners .

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