Home > Mortgages > Mortgage Products
Rics predicts 50,000 repossessions this year
The Royal Institution of Chartered Surveyors (Rics) believes that the number of homes repossessed during 2009 could be as low as 50,000 - a third less than earlier estimates.
The news comes after the Council of Mortgage Lenders (CML) confirmed that it would be revising its repossessions estimate for the year downwards in its next housing market forecast update.
The CML has previous predicted that 75,000 properties would be repossessed during the year.
However, the revision downwards follows news that there were 12,800 repossessions in Q1 2009, down on earlier forecasts.
Rics chief economist Simon Rubinsohn said: "Data released this morning provides further evidence that government policies are working.
"Even before the introduction of Home Owner Mortgage Support and the bedding down of the Mortgage Rescue Scheme, the figures show that both the number of claims issued and orders made fell sharply.
"As these schemes begin to have a meaningful impact over the coming months, the likelihood is that the number of claims issued will continue to weaken.
"As a result, it now looks likely that the number of homes repossessed during the course of the year will fall some short of the widely projected estimate of 75,000.
"Rics estimates that the figure could be as low as 50,000, which would be someway below the highs seen in the early 1990's."
