RECORD low interest rates have helped push the number of repossessions in the UK to the lowest level since 2007, but they are likely to soar this year as unemployment worsens, lenders have warned.
RECORD low interest rates have helped push the number of repossessions in the UK to the lowest level since 2007, but they are likely to soar this year as unemployment worsens, lenders have warned.
Custom byline text:
Vicky Shaw
Some 36,200 properties were repossessed last year, 4000 fewer than forecast, and repossessions in the final quarter were down 9% on the previous quarter.
However, rising living costs are likely to drive the year-long figure back up to 45,000 by the end of 2012, the Council of Mortgage Lenders (CML) said.
We moderate all comments on HeraldScotland on either a pre-moderated or post-moderated basis. If you're a relatively new user then your comments will be reviewed before publication and if we know you well then your comments will be subject to moderation only if other users or the moderators believe you've broken the rules, which are available here.
Moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours. Please be patient if your posts are not approved instantly.
