CML: Mortgage repossessions rose in 2006
Published On 31 January 2007
Mortgage repossessions rose in 2006, according to new figures from the Council of Mortgage Lenders (CML).The total number of repossessions climbed from 8,140 in the first half of the year to 8,860 in the second half, the CML said.
The total number of repossessions for 2006 was 17,000 (one in 690 mortgages), a 65 per cent increase on 2005.
Repossessions will now rise to 19,000 in 2007 and 20,000 in 2008, the CML is predicting.
Michael Coogan, CML director general, said: "repossessions are likely to creep up from around 17,000 last year to 19,000 this year and 20,000 next year - higher than the low of 6,030 in 2004, but still only around a quarter of the 1991 peak of 75,540."
In London and the south-east repossessions rates are growing more quickly than elsewhere in the UK, the figures show.
Since 1991 the CML has gained 1.9 million new mortgages.
