Housing debts soared in 2009
12/02/2010The number of repossessions hit a 14-year high in 2009, new figures have revealed.
Research from the Council of Mortgage Lenders (CML) found that the total number of possessions rose to 46,000 in the last year. This is 15 per cent up on 2008.
However, things appear to be looking up – the study found that mortgage debts decreased in the final quarter of the year.
The CML predicted that there would 205,000 arrears cases in the coming year – with 53,000 possessions.
Kevin Still, director of Atlantic, said that "the CML figures suggest that homeowners with low levels of mortgage debts have been helped by low interest rates".
He added, however, that "those with more serious debt problems may have only stabilised their mortgage arrears, with lender forbearance a factor in keeping them in their homes.
"Long-term debt solutions may be required if this delicate balance changes," he said.
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