U.K. 2009 Mortgage Repossessions Highest In 14 Years: CML

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Thursday, the Council of Mortgage Lenders said the number of houses repossessed by British lenders increased 15% in 2009 to the highest level since 1995. Total number of possessions rose to 46,000 in 2009 from 40,000 in 2008. However, this was lower the CML's most recent forecast of 48,000 and significantly smaller than the 75,000 forecast at the start of the year.

In the fourth quarter, mortgage lenders took 10,200 properties into possession, down 13% from the third quarter, and 2% smaller than in the the fourth quarter of 2008. This figure reflects the number of possessions taken by first charge lenders on both home-owner and buy-to-let mortgages, the CML added.

"We are not out of the woods yet - 2010 will still be a challenging year for many borrowers, and some households will inevitably find their finances being squeezed if and when interest rates do eventually rise," CML director general Michael Coogan said.

Thursday, the Council of Mortgage Lenders said the number of houses repossessed by British lenders increased 15% in 2009 to the highest level since 1995. (Market News Provided by RTTNews)