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CML slashes 2009 repossession prediction by 10,000

The Council of Mortgage Lenders has reduced its UK repossession forecast figures by 10,000 to 65,000.

At the end of 2008, the CML predicted that 75,000 people would be repossessed this year, but has now changed its prediction in the light of changing lender attitudes.

The CML says along with existing borrowers gaining benefits from the effect of lower interest rates, it has found that there are significant levels of forbearance being shown by lenders and the Government when it comes to repossession.

The CML still expects around 360,000 mortgages to be in arrears, equivalent to 2.5 per cent or more of the mortgage balance by the end of the year.

Its forecasts for housing transactions and gross lending also remain unchanged, at 700,000 transactions and £145bn of gross lending. However, the outlook for net lending appears less negative than previously forecast, and the CML now expects net lending to fall by only around £5bn, compared with the £25bn contraction previously anticipated.

The CML says: “The raft of measures taken by the authorities have stabilised the economy and will sow the seeds for a recovery over time, including in the housing market. But the improvement is likely to be slow and drawn out, especially as the extensive fiscal, monetary and credit support measures are gradually unwound.”

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