2009 repossession predictions left unchanged

Posted: 23 Feb 2009 08:27:44 GMT

Research from the Council of Mortgage Lenders (CML) has shown that the total number of repossessions in 2008 reached 40,000; 5,000 fewer than predicted.

Despite the positive news, however, the number forecast for 2009 remains at a staggering 75,000; more than was seen during the recession of the early 1990s.

With such a high number of repossessions set for the year ahead, as well as the threat of negative equity, many homeowners struggling with the rising cost of living could choose to sell their home in order to avoid further financial difficulties.

Selling a home online could attract more potential buyers and therefore a higher final bid price, making the whole process less stressful.

Michael Coogan, director general of the CML, said that homeowners facing repossession should resist the urge to abandon a property.

"We know the plethora of schemes and initiatives is daunting, and we are working closely with government and advice agencies to try to simplify the information available, and ensure that those borrowers who may qualify for help get access to the information and advice that they need at the right time," he said.


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