Repossession forecast cut
Last year's projection from the Council of Mortgage Lenders, which estimated that 75,000 homes would be repossessed in 2009, has been amended to just 48,000 properties, it has been revealed.
While this may be positive news for many homeowners, as the recession rumbles on, many Britons may feel that renting a house or flat is still a safer option.
Indeed, flats to rent in Blackheath or another part of London could continue to be a cheaper alternative to buying, with prices in the capital traditionally higher than elsewhere in the UK.
According to the council, 11,700 properties were taken into possession in the third quarter compared to 12,700 in the first quarter.
Commenting on the news, Ian Boden-Smyth, spokesperson for ukinsolvencyhelpline.co.uk, said: "There is a huge proportion of people in this country with negative equity and we're seeing people who have got a mortgage and a secured loan which outweighs the value of the property."
He added that this made such people "prisoners in their own homes".
Written by Charles Mackay
Published 13th November, 2009
© 2009 Estates IT Limited
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The predicted rate of repossessions in the UK has been cut, which may be good news, although some people may feel that renting continues to be a safer option amid the recession.