75,000 House Repossessions in 2009
The number of repossessions during 2008 has been increasing month on month, and the Council of Mortgage Lenders (CML) report for the thrid quarter of 2008 shows that there has been a total of 30,200 house repossessions so far this year.
The figures detailed in the CML document becomes increasingly shocking when it is compared to the 8,200 house repossession during the whole of 2004.
It seems that the sharp rise in the number of house repossessions is set to continue. Although the 2009 predictions report has not been finalised, the CML believe that there could be as many as 75,000 homes repossessed in 2009, as more people fall into unmanageable mortgage arrears. This number would be almost as many as during the peak of the 1991 recession.