Increasing mortgage repayments are going to signify more repossessions and sales of distressed properties, so claims a new report by experts in the field.
The Royal Institute of Chartered Surveyors (RICS) has forecast that investors in the UK are indicating a greater interest in repossessed properties, which are forecast to rise to 53,000 in 2010.
The growing market for repossessed properties highlights that homeowners contiue to struggle with mortgage repayments as well as household debts .
The RICs prediction is that arrears as well as repossessions are going to continue to increase modestly this year, from 88,000 to 205,000, and from 46,000 to 53,000, respectively.
Repossessions were lower than expected in 2009, due to a combination of low interest rates, debt management help, and lender leniency in this tough economic climate.
Repossessions Expected to Increase in the UK
Tue, 09 Mar 2010
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