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UK home repossessions climb yet higher

As the number of homes repossessed in the UK continues to increase, the Council of Mortgage Lenders (CML) today revealed that 12,800 homes were repossessed in the first three months of 2009. While this was an increase of 23% on the previous quarter the like-for-like increase on the same period last year is a massive 50% as the UK property market continues to struggle.

However, while today's figures are bad enough it has also been revealed that the CML believes that in excess of 75,000 homes will be repossessed in the UK in 2009 alone, representing a substantial increase on the 40,000 homes repossessed last year. Whether this figure of 75,000 homes will be revised downwards as we progress in 2009 remains to be seen but at this moment in time there is little cheer in the UK property market.

As we have covered on a number of occasions, any substantial increase in home repossessions will place yet more pressure on the government's social security budget. A constant barrage of repossessed homes appearing on the market will also hold prices down at best and see further price declines at worst. While a number of experts expect better news towards the end of 2009 this is in no way guaranteed.

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