Tenants more secure in their rentals
- 17th November 2009
- Renting Property News
Peace of mind for tenants as the CML's forecast number of repossessions is dramatically reduced for second time.
The original prediction of 75,000 repossessions in 2009 was reduced in June to 65,000. The Council of Mortgage Lenders (CML) has now lowered this again to 48,000.
The change of figures arises since the number of mortgages in arrears fell in the third quarter of the year.
This will be welcome news for many of London's tenants, since recent worries over evictions due to the repossession of rented property due to Landlords' missed mortgage payments.
Director-General of the CML, Micheal Coogan, commented: “We are glad to have been wrong on our previous forecast for mortgage repossessions this year.
“Although the economy is not out of the woods yet, we no longer expect a dramatic rise in properties being taken into possession unless interest rates rise from the low levels that most commentators now expect to persist for some time.”
We are glad to have been wrong on our previous forecast.
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