FinancialAdvice.co.uk Logo

Qualified advisers answering your
Financial Questions
call 0800 092 1245

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

Income Protection Jargon Buster

19/01/2015 You may have read our previous article, “What is Income Protection?” and decided that you would like to take measures to protect your wage, if you are ever unable to work due to illness or injury. If you are unsure of the terminology used when looking for a policy, or just want to make sure... Read More

Financial Guides

Financial Calculators

Our useful calculators can help you get your finances in order:



Latest News

Blogs

Helpful new tax year facts that could affect you and your money


Blog | Seven helpful new 2016/2017 tax year facts that could affect you and your money. Our recent online blog shares a brief outline on how to stay up to date.


Read more

Useful Links

Popular Searches

Please Enter More Details

 
Enter More Details
Continue