Repossessions 'to be common in 2012'

Posted by Emily Swanson

Continuing economic uncertainty is likely to result in an increasing number of people across the country having their home repossessed in 2012.

That is according to Bernard Clarke, communications manager at the Council of Mortgage Lenders (CML), who believes this could be a growing trend in the coming year as individuals struggle to meet their home loan repayment requirements.

Mr Clarke explained that more Britons will find it tough to make ends meet due to issues such as rising unemployment, meaning a lot of householders may slip into arrears.

Figures published last week (January 19th) by Shelter showed that more than one in three people have been forced to reduce their spending on food over the last year in order to afford their housing costs.

However, Mr Clarke insisted the number of repossessions will still not be as severe as periods of difficulty in the past, such as the early 1990s. ADNFCR-2353-ID-801271617-ADNFCR

23/01/2012 12:06

News category: Property

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