We Know Property

The BBC reported today that ‘The number of people who had their homes repossessed reached a 14-year high during 2009, figures have shown.’

The Council of Mortgage Lenders (CML) said 46,000 homes were repossessed last year, the highest number since 1995. That was an increase of 6,000 on the total for 2008, but was lower than the CML’s most recent forecast of 48,000. In December 2008 the CML had predicted 75,000 homes would be repossessed in 2009.

Lenders took 10,200 properties into possession in the fourth quarter of 2009 - 13% lower than in the third quarter. That was also a drop of 2% on the last three months of 2008.

Last year’s 46,000 repossessions were just 61% of the total recorded in the peak year of 1991, when lenders seized 75,500 homes.