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CML cuts repossession forecast

The Council of Mortgage Lenders (CML) has today adjusted its forecast for the total number of housing repossessions in the UK for 2009 to 48,000. This further adjustment is a startling difference to the 75,000 which the CML forecast for 2009 back in mid-2008, when the market was in trouble. Indeed, the CML gave an indication it actually thought, at the time, the figure could be substantially higher. So what is going on in the UK mortgage industry?

If the figure of 75,000 turns out to be correct this would be just 8,000 higher than the total number of repossessions in 2008 and would mark a significant turnaround in the UK property sector. The sector has been prone to false dawns before although the situation does seem to have a little more resilience and a little more strength this time around.

One of the main positive factors to emerge over the last few weeks has been the increase in first-time buyer mortgages and a reduction in the required deposits for the better mortgage rates available today. This should attract more and more first-time buyers, as well as those already on the property ladder, back into the market and indeed re-oil the wheels of the UK property sector.

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