11-02-2008
CML confirms positive repossession data trend
News by Adfero for Simply Business - independent providers of public liability insurance, business finance, landlord insurance, buy-to-let mortgages & commercial mortgages.
The Council of Mortgage Lenders (CML), a UK-based trade association, has confirmed stronger than expected figures for the number of repossessions in 2007.
In contrast with the organisation's earlier expectations, which led to the prediction that there would be 30,000 home repossessions in 2007, the actual figure was lower at 27,100 - representing a difference of close to ten per cent.
The CML's membership base includes mortgage lenders such as building societies and banks.
"Timely action by the Bank of England should help offset some of the pain being felt by homeowners resulting from the credit crunch and the reset of fixed rate mortgages that are now due for renewal," said Simon Rubinsohn, chief economist for the Royal Institution of Chartered Surveyors.
"Significantly, more relief is likely over the coming months as interest rates continue to be lowered."
In contrast however, over the course of 2003 and 2004 there were less than 10,000 repossessions per year.