Expected rise in home repossessions

Wed, 16 Nov 2011

The number of people in the UK confronted with the prospect of home repossession could be set to escalate.

This is because David Brown, commercial director of LSL Property Services, has suggested there is an expectation such increases are likely to be seen once 2011 draws to a close.

Mr Brown noted the Council of Mortgage Lenders underestimated the total level of arrears this year, adding: "With the economy showing little sign of springing back into life and unemployment steadily rising, we anticipate that arrears and possession will rise."

The industry figure went on to point out an interest hike is likely to be introduced eventually, which is bound to have a significant impact on these levels when its force begins to be felt.

He was making his comments in response to findings from the CML - whose members make up almost 95 per cent of residential home loan lending in the UK - that revealed the number of houses repossessed by mortgage lenders in quarter three was virtually unchanged from that recorded over the previous three-month period.

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