Repossession forecasts for UK property reduced twice in 2009
Repossession forecasts for UK property have been reduced twice this year by the Council of Mortgage Lenders (CML).
The organisation has said that high predictions were made about the number of repossessions because of the "economic backdrop". However the actual number of repossessions is lower than expected due to lenders helping borrowers through difficult times.
Bernard Clarke, a spokesperson for the CML, said: "It's not a high a forecast as it was originally feared. We revised our forecast for repossessions downwards twice this year."
He added that, while figures are higher than they have been in other years, "everybody's been helped by low interest rates".
New protection measures were put into place in October by the UK government to assist people who were facing repossession.
Co-operative mortgages are expecting 50,000 repossessions to take place in 2010. Original estimates were for 75,000.
The CML has also recently said that homeowners could take advantage of low interest rates to overpay their mortgages and clear the debt more quickly.
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