Banks are expecting an increase in repossessions because of the weak economy, they warned yesterday.

They told home owners they were “not confident” that they could lower arrears and repossessions as successfully as last year.
In 2010, the number of repossessions dropped to 36,300 compared with 47,700 the previous year, according to the Council of Mortgage Lenders.
Measures taken by banks and the Government to ensure people were only evicted from their homes as ‘a last resort’ ensured levels for 2010 were lower than forecast amid the fallout from the recession.
But lenders expect numbers to increase again this year to 40,000, the same level as 2008 during the height of the credit crisis.
The CML blamed the expected rise on a weak economy, Government cuts, the rising cost of living and possible interest rate rises.

 

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