Repossessions set to rise in 2012

The number of people losing their homes for failing to keep up mortgage payments is forecast to rise in 2012.  Rising unemployment levels is expected to counteract the effect of low interest rates and a raise in repossessions levels is expected.

Market forecasters envisage a higher level of unemployment persisting throughout 2012 and beyond and are expecting to see increased signs of financial stress. 

With more mortgages in arrears experts now feel that lenders who had previously waited for borrowers to catch up could now begin to repossess their homes.  An increase in property repossessions during 2012 will be the legacy of high level mortgage arrears in 2011. 

Even though interest rates continue at historically low levels and look set remain that way during 2012, the worsening economic situation will inevitably put pressure on household incomes.  The weak state of the ecomony and household finances creates a challenging and highly uncertain future for the housing and mortgage markets.

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