Home repossessions rocket by 50%But expected annual total to be revised downwards
15 May 2009
The number of people who lost their homes soared by more than 50% during the first quarter of the year, figures showed today.
For impartial advice on what to do if you're in arrears or face having your home repossessed, see our guide to mortgage arrears and reposessions.
A total of 12,800 properties were repossessed by first-charge lenders during the three months to the end of March, up from 8,500 a year earlier and 10,400 during the previous quarter, according to the Council of Mortgage Lenders.
But despite the steep jump in people losing their homes, the group said its forecast of 75,000 repossessions during 2009 now looked pessimistic, and it expects to revise the figure downwards.
CML more optimistic
Commenting on arrears and repossessions, CML director general Michael Coogan said: 'It is clear that mortgage arrears continued to increase, so did repossessions, but not as much as our 75,000 forecast figure for the year would suggest.
'So our forecast now looks pessimistic and we expect to revise it over the next month or so.
'Lenders are acutely conscious that behind the statistics are real people, many of whom are affected by the economic downturn and its impacts on unemployment, changes in circumstances and inability to refinance.'
Which? Money when you need it
You can follow @WhichMoney on Twitter to keep up-to-date with our Best Rates and Recommended Provider product and service reviews.
Sign up for the latest money news, best rates and recommended providers in your newsletter every Friday.
Or for money-saving tips, and news of how what's going on in the world of finance affects you, join Melanie Dowding and James Daley for the Which? Money weekly money podcast
For daily consumer news, subscribe to the Which? news RSS feed here. And to find out how we work for you on money issues, visit our personal finance campaigns pages.