Repossessions reach 14-year high

Possessions had steadily declined from 49,400 in 1995 to just 8,200 in 2004 but in the last five years, possessions have increased substantially. Although the total number of possessions in 2009 was significantly fewer than the 75,000 forecast at the start of the year, they were still 15% higher than the 40,000 recorded in 2008. The CML admits its current 2010 forecast of 205,000 arrears cases and 53,000 properties taken into possession may be a little pessimistic, as unemployment is faring better than expected so far. Michael Coogan, director general of the CML, says: "The fact ...