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Stuart Law, Chief Executive of Assetz, comments on the CML repossession figures, released today

20th February 2009 | back to article listings BACK    print this article PRINT

"While it is good news that the actual number of repossessions in 2008 is 5,000 less than the 45,000 the CML predicted, this is sadly not a result of mortgage lenders making strenuous efforts to avoid repossession, as the CML claims.


"Rather, it is a result of the large rise in sale and rent back agreements, which is enabling many people to stay in their homes and which currently remains unregulated. We estimate approximately 500 units per month are being swallowed up by the entrepreneurial sale and rent back sector, which would otherwise have become repossession statistics.

"I believe that unless the proposed regulation of sale and rent back comes into force this year, the CML's prediction of 75,000 repossessions in 2009 is overly pessimistic, as many owners will be saved from repossession by selling their home to an investor and renting it back. Assetz predicts repossessions in the region of 55,000 - 65,000 this year, which is still worryingly high, with serious implications for thousands of families."

This is a press release by Assetz also available at http://press.assetz.co.uk/articles/4657.html. Alternatively, please see our full press release archive.

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