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Property legal services news
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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.
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