Please click on the link above to access the latest repossession statistics report (note you will have to be a member of the Property Investor Hub which can be done quickly and easily here).
Compared to the previous report we published in February, whilst there have been some significant statistical increases in certain areas (including Crawley in Surrey, Hyndburn in Lancashire, Neath in South Wales and Maidstone in Kent), overall levels are lower than compared to the same period in in 2009.
The Council of Mortgage Lenders (CML) have stated that they would decrease the expected levels of house possessions to 53,000 for the year – provided that interest rates do not rise and government support to helping those who are under threat of losing their homes continues. At the same time however, economists have warned that this downward trend may not continue in the coming months due to the fragile state of the UK economy. Howard Archer, economist at IHS Global pointed to the fact that: “many people have suffered wage freezes or even cuts, debt levels have risen and credit conditions remain very tight.” The CML also expressed concern that an impending fiscal deficit could have an impact. According to Michael Coogan (CML Director General): “with all eyes on the new government and what steps it will take to address the fiscal squeeze, we cannot emphasise too strongly the importance of continuing to fund the support mechanisms that are proving effective in containing mortgage arrears and repossessions. The dampening effects on households and the wider housing market that fiscal tightening is likely to exert are still to be felt, but it should be a key priority to support borrowers most in need and maintain funding for the government’s housing policies.”
