According to The Council of Mortgage Lenders, repossessions are forecast to rise by 22 per cent to 45,000 this year as inflation and unemployment take their toll.
Low interest rates and lower-than-expected unemployment kept repossessions at relatively small numbers through the recession and they eased again as the country struggled into a tepid recovery. However, with incomes failing to rise to match inflation and unemployment set to increase sharply as government cutbacks bite and an embattled private sector fails to replaces jobs lost from the public sector, economists fear that will change.
Whilst quoting the above figures, should the economy fail to meet up to expectations or if unemployment rises more sharply than expected those figures could easily rise. The CML figures show that 27,500 homes were taken into possession in the first three quarters of the year. The 2011 total is expected to come in at 37,000 a slight increase on 2010 when 36,600 homes were taken over by lenders.
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