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The Royal institution of Chartered Surveyors predicts 50,000 repossessions this year

In direct contrast to the figures released by the Council of Mortgage Lenders (CML) the Royal Institution of Chartered Surveyors (RICS) has today revealed a forecast that 50,000 homes will be repossessed in the UK this year. This is significantly less than the 75,000 forecast by the CML and places yet more confusion into the UK property market. Interestingly, the figure of 50,000 repossessed homes this year is well below the figure seen in the 1990s, which was the last major property crash in the UK.

It is proving ever more difficult to forecast the future direction of the UK property market as various indicators and various reports seem to suggest different outcomes in the short, medium and longer term. The UK government will obviously pick up on the RICS report and look to discount the CML report even though it is unclear at this point in time which one is the more accurate.

However, interestingly there was an indication from the CML that the figure of 75,000 repossessions this year may well be revised downwards if we see any significant stabilisation or recovery in the UK property market in the later part of 2009. It is anybody's guess which way the UK market will move in the short term!

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