Could predicted rise in repossessions make flats to rent more attractive?
More people could be encouraged to look at flats to rent in the London borough of Camden when they hear that house repossessions are likely to increase.
According to the Consumer Credit Counselling Service (CCCS), the next year could see an increase in the number of people who have their property taken away from them.
The organisation welcomes news from the Council of Mortgage Lenders that repossessions fell in the UK during the second quarter of 2010.
However, it pointed out that there are a large number of people who have suspended repossession orders on their homes, which could be reinforced if there is a housing market recovery.
CCCS chairman Malcolm Hurlston said: "There is no doubt that lenders have shown leniency towards debtors during the recession by not enforcing suspended possession orders. However, this leniency may have been partly determined by the markets."
Earlier this month, the Royal Institution of Chartered Surveyors revealed demand in property, which is measured by the net balance of new buyer enquiries, fell from minus six to minus ten in June.
Posted by Ben Carter
Published 12th August, 2010
© 2010 Estates IT Limited
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One organisation predicts that the next year could see an increase in the number of people who have their homes repossessed.