Practice group news

Greek tycoon charged over £61m mortgage fraud
3 March 2010

Future of equity release remains strong, says group
16 February 2010

Tories reveal plans to increase stamp duty threshold
9 February 2010

Surveyors 'could face professional negligence claims'
4 February 2010

Deposit protection legislation is working, says group
1 February 2010

End of an era as Ian Johnson retires from B P Collins
26 January 2010

Repossessions 'unlikely to have peaked'

19 June 2009



It may be a couple of years before the number of repossessions in the UK reaches its peak, warned Global Economist Ian Shepherdson. Speaking at the Chartered Institute of Housing Conference and Exhibition, he said that any falls in the number of repossessed properties seen at the moment are likely to be down to a drop in interest rates.

"Now that the rates are stable and they aren't going anywhere for a while, the big driver is likely to be the massive rise in unemployment," Mr Shepherdson predicted. Latest available figures from the Council of Mortgage Lenders showed there were there were 12,800 repossessions by mortgage lenders in the first quarter of this year, compared to 10,400 in the fourth quarter of 2008.

Numbers are unlikely to reach those seen in the 1990s, the economist claimed, although the peak will "probably" occur in 2011. Quarterly averages may reach as high as 25,000 to 30,000, Mr Shepherdson added.

If you require legal advice, for either your private affairs or organisation, please call Gerrards Cross based B P Collins Solicitors on 01753 889995, complete the online enquiry form or email enquiries@bpcollins.co.uk.

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