Repossession forecasts

It has been estimated that somewhere in the region of 33,000 homes will be repossessed over the course of the current year.

HML has projected that 33,257 will be repossessed this year, which constitutes 0.3 per cent of all homes with a mortgage.

In all likelihood, around 15,557 homes will be repossessed in the first half of 2011, whereas the second half of 2011 will see about 17,700 repossession cases.

In addition, HML said that due to the financial pressure getting harder on borrowers, the number of repossessions will keep rising next year, reaching as high as 35,000-40,000.

Still, HML's projections with regard to repossessions in the UK for the current year are significantly lower than the CML's grim forecast of 40,000 and 36,300 repossession cases which fell on 2010.

Neil Warman of HML says that even though the financial situation in the UK still leaves much to be desired, the downward trend in repossessions reported in 2010 is likely to take hold for the first half of 2011.

Nevertheless, the number of repossessed homes will then increase during the second half of 2011 due to several macroeconomic factors such as rising inflation, continuing job losses, etc.

Northern Ireland is likely to be the leader in repossession numbers (2,540) this year due to a substantial increase in house prices that hit the region in 2010, whereas the South West is expected to see the lowest number of repossessions.
 


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