Repossesions to rise across region
THE UK’s first regionally-based property repossession forecast reveals that 2,467 homes in Yorkshire could be seized by lenders this year.
The forecast has been produced by HML, the UK’s largest financial outsourcing company, and is based on a sample of 320,000 mortgage accounts which reflect the general make-up of all UK mortgages.
The reposessions are blamed on low equity levels and an unemployment rate of 9.1%.
HML say that the first half of the year will see repossessions fall slightly. The greatest effect will be felt in the second half of the year when public sector cuts and continuing job losses impact on homeowners.