Some relatively good news from the world of property repossession, BBC News Online has led with an article stipulating that predictions for repossessions for the rest of 2009 have been overestimated, but they do still remain high. The Council of Mortgage Lenders (CML) had originally predicted the amount of repossessions at 75,000 in last December; however, latest findings have put the level of repossessions closer to 65,000 a drop of at least 10,000. Despite this the level of repossessions has gone up by 50% in the last three months.

Even with the recalculation the CML states there are still no signs of a ‘robust recovery’, and puts the repossession reduction down to a number of factors not really related to the health of the economy. First of all the reduction in interest rates, from 5% in October 2008 to 0.5% now, has alleviated homeowners from steep mortgage payments. In court advice schemes have, according to the Housing Minister John Healey, prevented 4 out of 5 repossessions in court. Finally not-for-profit organisations are soon to be piloting a £285m scheme to buy homes and affordably rent them out to struggling homeowners.  The CML, short of endorsing the governmental schemes has stipulated that they have allowed people to get into touch with their lenders and subsequently getting help.

However, the CML highlight that job losses and reduced bonuses have made meeting payments extremely difficult.  The CML predicts that these will get worse as the recession continues and predicts that 428,000 may get into arrears on their home loans.

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