Where is the housing market going – people trying to stop repossession, 50% rise predicted.
 

All the property professional are still trying to second guess where the market is going, including people like the Council of Mortgage Lenders (CML). There are no predictions as to where the house prices are going to go this year, some say that the recession is not over, and that more people will have to try and look for solutions on how to stop repossession.

The latest figure released showed that there is an incredible 50% increase in repossessions recorded within the first three months of this year. Those figures are scary for people who may be facing repossession or who are trying to stop repossession already, those people will certainly not want to know whether those figures have continued to rise over the second quarter of the year.

All of this is due to the continual number of people loosing their jobs, due to the economic climate, and it is also reported that there is around 350,000 - 400,000 mortgages that are reported to be in mortgage arrears. The CML cut interest rates in order to aid the public who were in mortgage arrears or trying to stop repossession, by cutting the interest rates everyone that was not tied into a mortgage product benefited from this reduction.

The CML predicts that people will continue to loose their jobs and that there will be more than 400,000 people in 3 months or more mortgage arrears. Not a great piece of news because this means that there will be more people looking to stop repossession of their home.

People are looking for an option to try and stop repossession and this is where they are looking to people/companies who are offering quick property sale.