Repossessions rise...... but CML not so pessimistic
The number of homes repossessed in the UK rose to 12,800 in the first three months of the year, the Council of Mortgage Lenders (CML) has said. This was up 23% from the 10,400 in the previous three months and 50% up on the 8,500 in the same period last year. The CML has predicted that 75,000 homes will be repossessed in 2009, almost double the 40,000 of last year. But the group has now described this prediction as "pessimistic" and could change its view in the summer. But figures from the Ministry of Justice show a huge drop in the number of lenders getting court permission for the early stages of repossession.
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