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Repossessions 'to hit 175,000'
Tuesday July 20th 2010
The number of repossessions could soar to 175,000 a year by 2012, an unpublished report shows.
The study, which was commissioned by the National Housing and Planning Advice Unit under the Labour government but never released, says the prediction is based on a "worst-case scenario".
The report aimed to predict mortgage debt and repossession levels based on different economic scenarios and was produced by Oxford academics Professor John Muellbauer and Dr Janine Aron.
The Government played down the report's findings, insisting that interest rates will remain low due to its deficit reduction plan, helping homeowners to manage their mortgages.
Housing minister Grant Shapps, in a Commons written answer to his Labour predecessor John Healey, pledged to publish the study "in the interests of transparency".
Copyright © Press Association 2010
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