Better news on repossessions

The number of repossessions in 2008 hit 40,000, up 54% on 2007, but 5,000 less than the Council of Mortgage Lenders originally predicted.

Michael Coogan, director-general of the CML, says the slight decrease represents the government’s efforts to try to allow owners to stay in their homes.

He says: “Lenders and the government are continuing to find more ways to help more people stay in their homes.”

Peter Bolton King, chief executive of the National Association of Estate Agents, says: “The scenario we face in relation to repossessions is no worse than during the recession of the early 1990s, when there was even less protection for consumers.”