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CML sees the outlook for repossessions improving

The Council of Mortgage Lenders says the outlook for arrears and repossessions is improving despite last week’s bank base rate rise.

It says it may have to review its forecast of 15,000 repossessions in 2007 after observing an improving market in the past few months.

The CML has reported that there were 8,140 repossessions in the first half of this year and it expects 15,000 in total for the year, up from 10,310 in 2005, with the rise attributed to sub-prime lenders getting tougher on arrears.

Spokesman Bernard Clarke says further analysis is required before it can confirm a reduction in its expectations but there are positive signs. It will publish its next outlook in February, when it will also reveal total repossessions this year.

However, Citizens Advice says housing debt, which includes trouble in repaying mortgages and secured loans, has risen by 20 per cent since last year.

CML senior economist Jim Cunningham says: “Lower levels of mortgage arrears point to an improving outlook for possessions next year.”

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