26 February 2010
2010 – REPO INCREASE
The Moore Blatch 2010 repossessions report, reveals that 67% of mortgage lenders and repossession experts are predicting an increase in repossessions in the year ahead with some seeing a rise in repossessions of over 15%. Only 6% believe there will be a decrease; the views reflect concerns about excessive borrowing from other sources as the main cause of increasing repossessions, with redundancy the second contributor, marital/partner separation as the third biggest contributor and interest rate rises as the fourth biggest contributor. To make matters worse, there’s a major over hang from last year due to the implementation of a government initiative to provide consistency in lenders’ approach to repossessions; the Pre Action Protocol, bottleneck that this has created will start to work through the system.
This can only be negative for the UK property market and another reason to buy into the very opportune two seasons UK property owner protector fund – which also acts as an insurance policy for UK property owners concerned about seeing the value of their bricks and mortar wealth crumble before their very eyes..