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21/11/2008
Home Repossessions On The Rise, CML Reveal
The number of homes repossessed by mortgage lenders has risen by 12% to 11,300 in the last three months, new figures have shown.
The Council of Mortgage Lenders (CML) also said 1.44% of mortgages were at least three months in arrears as at the end of September 2008.
The number of cases in arrears at the end of September was 168,000, 8% higher than the 155,600 at the end of June.
Unsurprisingly in a worsening economy, the number of households in arrears by the end of the year is likely to exceed the previous forecast of 170,000.
CML Director General Michael Coogan however, said its forecast for the year had not changed in the light of the new figures, but he added it would be "premature" to predict what might happen in 2009.
Mr Coogan said: "While lending in October ticked up from a low figure in the preceding month, the outlook is one of continuing weakness for housing and mortgage markets in the coming months, despite the Bank rate cuts in October and November.
"Consumer confidence is now being affected by the worsening economic outlook. However, any recovery in lending is also being held back by the continuing shortage of mortgage funding.
"The Government should therefore publish the delayed Crosby Review as part of the forthcoming Pre-Budget Report and announce concrete steps that will enable and encourage firms to increase mortgage loans."
He also said it was generally not in lenders’ interests to repossess properties, and added the government needed to play its role in easing the situation in the Chancellor’s Pre-Budget Report.
(JM)
The Council of Mortgage Lenders (CML) also said 1.44% of mortgages were at least three months in arrears as at the end of September 2008.
The number of cases in arrears at the end of September was 168,000, 8% higher than the 155,600 at the end of June.
Unsurprisingly in a worsening economy, the number of households in arrears by the end of the year is likely to exceed the previous forecast of 170,000.
CML Director General Michael Coogan however, said its forecast for the year had not changed in the light of the new figures, but he added it would be "premature" to predict what might happen in 2009.
Mr Coogan said: "While lending in October ticked up from a low figure in the preceding month, the outlook is one of continuing weakness for housing and mortgage markets in the coming months, despite the Bank rate cuts in October and November.
"Consumer confidence is now being affected by the worsening economic outlook. However, any recovery in lending is also being held back by the continuing shortage of mortgage funding.
"The Government should therefore publish the delayed Crosby Review as part of the forthcoming Pre-Budget Report and announce concrete steps that will enable and encourage firms to increase mortgage loans."
He also said it was generally not in lenders’ interests to repossess properties, and added the government needed to play its role in easing the situation in the Chancellor’s Pre-Budget Report.
(JM)
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24 September 2009
Big Mortgage Lenders Fail To Impress
People are more satisfied with their mortgage lender than a year ago, but the big lenders are still underperforming, according to a new survey from Which? Money.
Big Mortgage Lenders Fail To Impress
People are more satisfied with their mortgage lender than a year ago, but the big lenders are still underperforming, according to a new survey from Which? Money.
03 August 2007
Report Reveals Home Repossessions Rise By Third
A report has revealed the number of repossessions has risen by almost 30% in the first half of this year. The Council of Mortgage Lenders (CML) said an estimated 14,000 properties were repossessed in the first six months of 2007. However, the number of mortgages in arrears totalled at 125,000, which is down 3% on the same period last year.
Report Reveals Home Repossessions Rise By Third
A report has revealed the number of repossessions has risen by almost 30% in the first half of this year. The Council of Mortgage Lenders (CML) said an estimated 14,000 properties were repossessed in the first six months of 2007. However, the number of mortgages in arrears totalled at 125,000, which is down 3% on the same period last year.
15 May 2009
75,000 Repossessions This Year 'Now Looks Pessimistic'
There were 12,800 repossessions by first-charge mortgage lenders in the first quarter of this year, according to the Council of Mortgage Lenders (CML). This compares with 10,400 in the fourth quarter of last year, and 8,500 in the first quarter of 2008.
75,000 Repossessions This Year 'Now Looks Pessimistic'
There were 12,800 repossessions by first-charge mortgage lenders in the first quarter of this year, according to the Council of Mortgage Lenders (CML). This compares with 10,400 in the fourth quarter of last year, and 8,500 in the first quarter of 2008.
08 February 2008
Home Repossessions On The Rise
The number of people whose homes were repossessed last year rose by more than 20%, according to the latest figures released by the Council of Mortgage Lenders. The new figures showed that 27,100 homes were taken over by lenders in 2007 after people fell behind with repayments - the highest figure since 1999.
Home Repossessions On The Rise
The number of people whose homes were repossessed last year rose by more than 20%, according to the latest figures released by the Council of Mortgage Lenders. The new figures showed that 27,100 homes were taken over by lenders in 2007 after people fell behind with repayments - the highest figure since 1999.
18 November 2010
Gross Mortgage Lending Falls
Gross mortgage lending in October was an estimated £12.4 billion, unchanged from September but down 9% from £13.6 billion in October 2009, according to new data from the Council of Mortgage Lenders. This is the lowest October total since 2000 (£9.9 billion).
Gross Mortgage Lending Falls
Gross mortgage lending in October was an estimated £12.4 billion, unchanged from September but down 9% from £13.6 billion in October 2009, according to new data from the Council of Mortgage Lenders. This is the lowest October total since 2000 (£9.9 billion).
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