First quarter figures suggest 75,000 repossessions this year now looks pessimistic, says CML

15 May 09

There were 12,800 repossessions by first-charge mortgage lenders (including buy-to-let - see notes to editors) in the first quarter of this year, according to the Council of Mortgage Lenders. This compares with 10,400 in the fourth quarter of last year, and 8,500 in the first quarter of 2008. Although repossessions are still rising, the CML now thinks its 75,000 forecast looks pessimistic for the year as a whole, and expects to revise the figure downwards in its next housing market forecast update.

The number of mortgages in arrears continued to rise on all measures. However, the "number of months" measure is disproportionately affected by the very low interest rate environment at present (as it is calculated by dividing the total outstanding arrears by the current monthly payment). It is more consistent to measure arrears as a percentage of the total outstanding mortgage balance.

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