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Repossessions 'set to rise' in 2010

Thursday May 13th 2010

The benefits of mortgage payment protection cover have taken centre stage prior to the release of new figures which are expected to reveal record levels of home repossessions in 2010.

The Council of Mortgage Lenders (CML) said it expects the number of people falling victim to home repossession this year is set to increase to 53,000 - a marked increase from last year's 14-year record high of 46,000.

The CML also said it expects some 205,000 people to end up in arrears of more than 2.5% of their outstanding mortgage by the end of the year despite a general slowdown in the number of repossessions towards the end of 2009.

Figures for the final quarter of 2009 showed that the rate at which people who were unable to keep up with repayments were losing their home had slowed.

Around 10,200 properties were repossessed by lenders during the final three months of the year, down from 11,700 in the third quarter and 12,700 in the three months to the end of March.

Despite levels of repossession hitting a 14-year high in 2009, they were still lower than expected thanks to low interest rates, bank leniency and Government help.

Copyright © Press Association 2010

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