Fri 16 May 2008
Repossession court orders on the up
The number of court orders for repossessions within England and Wales in Q1 2008 rose by 9% compared to the final quarter of last year, and 17% higher than over the same period in 2007, according to figures released by The Ministry of Justice (MoJ).However, not all of the actions put forward by mortgage lenders to the courts will result in actual repossession, and should be kept in perspective, according to the Council of Mortgage Lenders (CML).
Out of an existing 11.8m or so mortgages, CML expects 45,000 of these to end in repossession this year – approximately 0.38% – which is lower than the overall percentage of repossessions of around 0.47%, during the mid nineties.
Bernard Clarke, communications manager for CML, said: “There is not much sense predicting beyond 2008 because there is so much uncertainty in the markets at the moment.”
Meanwhile, David Stubbs, senior economist of The Royal Institution of Charted Surveyors (RICS), commented: “We continue to believe that repossession themselves will increase to around 43,000 in 2008, still well below the low point of 76,000 in 1991.”
Posted by Marc Da-Silva
in Bernard Clarke, Council of Mortgage Lenders, David Stubbs, News, The Ministry of Justice, The Royal Institution of Charted Surveyors on Fri 16 May 2008
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