Property owners looking to sell property quickly may be interested to hear that rising unemployment and increased pressure on household budgets could lead to more repossessions in 2012.
That is according to the latest forecast from the Council of Mortgage Lenders, which revealed 45,000 homes could be repossessed during the year, up 20 per cent on the estimated 37,000 in 2011.
Property sales and total mortgage lending figures are also expected to fall, the organisation added.
CML chief economist Bob Pannell commented: “We foresee a deterioration in the number of borrowers behind on their mortgages, and a more difficult and protracted period of adjustment for households seeking to reorder their finances.”
December 21, 2011 at 8:00 am | Uncategorized |
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