Thursday, November 12, 2009

Small Rise in UK repossessions

The number of UK properties repossessed in the period July to September has risen by 3% to 11,700, according to figures from the Council of Mortgage Lenders (CML).

This total is up 5% from the same period a year ago.

But the CML said it was now cutting its forecast for total repossessions for a second time this year, to 48,000.

This is a combination of lender patience, Government measures, and lower interest rates.

As unemployent is still also rising, it will be very interesting to see what will happen when inflation starts to kick back in, as stoked by Quantitative Easing. Interest rates will have to rise and I fear more people will be in trouble, not less.

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