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CML’s repossession forecast dubbed “too conservative”

A property recovery specialist has warned that the Council of Mortgage Lenders has underestimated the levels of repossessions to come this year.

Nick Hopkinson, director of Property Portfolio Rescue, argues that repossessions could double from last year’s 40,000 figure to 82,000 by the end of 2009.

He says: “With no end to the recession in sight and unemployment set to hit three million by the end of the year, there is no doubt that we are going to see another sharp rise in repossessions in 2009.

“As a result, I believe the CML’s sustained forecast of 75,000 repossessions for 2009 is too conservative.”

Hopkinson claims there is a risk that lenders working to find an alternative to taking possession could be “delaying the inevitable” for those home owners in serious arrears.

He adds: “Property prices are expected to fall a further 10 to 15% this year and those that hold onto their home in hope of finding an alternative solution may find themselves even worse off a few months down the line.

“For some the best solution will be to sell their homes now, albeit at a reduced market value, before equity diminishes further and mortgage debt, which will need to be paid back at some point, continues to pile up.”


uSwitch teams up with EDGE

Enterprise Group, provider of EDGE mortgage system, has announced that another branded version of its consumer proposition has gone live, this time with comparison service

Just joking

Following on from industry guru Ray Boulger’s joke last week, Mole was inundated with a bevy of credit crunch-related jokes. One of the best asked what the difference was between an investment banker and a large pizza. The answer, of course, is that a pizza can still feed a family of four.

House building hits record low

The number of new homes being built fell to a record low during the last three months of 2008, figures from the Department of Communities and Local Government reveal today.

Frexit & contagion risk in Europe

Many commentators have suggested the UK’s exit from the European Union will trigger a domino effect, leading to its eventual break-up. Neptune Head of European Equities Rob Burnett discusses the likelihood of this happening. Click here to read more Important informationInvestment risks Neptune funds may have a high historic volatility rating and past performance is […]


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