Next year could see as many as 75,000 home repossessions, according to a report.
There could be 75,000 homes repossessed next year as people struggle to keep up with mortgage repayments, it has been reported.
The interim figure is almost as high as the total during the housing market crash of 1991 and far higher than the 45,000 which are predicted for this year. According to the BBC, the estimate was handed by the Council of Mortgage Lenders (CML) to government ministers.
Earlier CML figures show that repossessions rose by 12 percent in the third quarter of 2008, to make a total of 30,200 for the year up to that point. In contrast, 2007 saw 26,200 repossessions while 2004 saw just 8,200.
However, the BBC's business editor Robert Peston said he had been told by the CML that it had not finalised its forecast for 2009 yet, "saying it was waiting to see whether ministers would take action to reduce the surge in the number of houses where families are evicted and their properties are sold".
During the Queen's Speech yesterday (December 3rd), prime minister Gordon Brown announced a bailout plan for borrowers which will see them given a taxpayer-backed mortgage "holiday" if they suffer a drop in income.
Northern Rock and Bradford & Bingley, both now nationalised, have said they will wait six months before beginning repossessions against borrowers in arrears. RBS NatWest - which is under majority public control - made a similar commitment earlier.
