Council of Mortgage lenders reduces repossession forecast
The Council of Mortgage Lenders (CML) has this evening issued a statement suggesting that UK repossessions in 2009 could be significantly lower than originally forecast. The CML had forecast around 75,000 repossessions in the whole of 2009 although this figure has now been reduced to 65,000, still a significant increase on the 40,000 repossessions last year. It is also worth remembering that the 65,000 level would still be the highest in more than a decade and reflect the dire situation in the UK property market.
The CML believe that the UK government's various financial initiatives and the significant reduction in UK base rates are starting to benefit the market. There is even an indication that UK government intervention with regards to the repossession process has seen a significant slowdown in the first three months of 2009 although whether this will continue indefinitely remains to be seen. On one hand the UK government is asking banks to reduce undue risk while on the other they are promoting the retention of potentially troublesome mortgage agreements with homeowners who in many cases cannot cover their payments.
This is the first positive note from the CML after being fairly downbeat over the last few weeks and months regarding the UK property market and economy as a whole.
Share this..
Related stories
Right Wing Think Tanks Slams Northern Cities
A right wing think tank has slaughtered the cities of northern England even going as far as to suggest that those from the area should move to the south east of England to further their careers and improve their employment prospects. Can this be true? Or is this yet another example of the north south divide?
To suggest that literally millions of people should pack their bags and he...
Fixed-rate mortgage or variable mortgage?
This week's announcement that the MPC decided to maintain UK base rates at 0.5%, for the 17th month in a row, was not really a surprise for economists in the UK. Indeed many economists believe that UK base rates will remain at the current level until at least the second half of 2011 and possibly beyond if the UK economy does not show signs of growth over the next 12 months. So is now the time to r...
Read MoreBrokers cautious on FTSE 100
The FTSE 100 index is down today amid concerns expressed by a number of brokers regarding the UK economic outlook and the level of the FTSE 100 at the moment. There is no doubt that the ever darkening economic clouds are now starting to impact on investor sentiment although there have been a number of brighter periods over the last few days. So which way will the FTSE go in the short to medium ter...
Read MoreHas Barack Obama joined the Tory camp?
As we move towards the G20 summit, to be held in London from 2 April, it has been confirmed that Barack Obama has arranged a meeting with David Cameron on the Wednesday he flies into London. This is a severe slap in the face for Gordon Brown who has for some time been hanging on to the coattails of the US leader.
There is a suggestion, apparently coming from the US camp, that the US...
Banks make it easier for consumers to switch accounts
16/09/2013 The banking industry has undergone a major IT overhaul at a cost of £750ml to reduce the time it takes for consumers to switch their current account to a new provider. Before the change, customers would have to wait up to 30 days to switch to a new provider and have all of their standing orders and direct debits working correctly. However, the overhaul is expected to reduce the...
Read More