Big increase in repossessions

Figures from the Council of Mortgage Lenders (CML) show the number of people who lost their homes has soared by more than 50 per cent during the first quarter of the year. A total of 12,800 properties were repossessed by first-charge lenders during the three months to the end of March, up from 8,500 a year earlier (a 50 per cent increase) and up 10,400, or 23 per cent, from the previous quarter. Despite these figures, CML said its forecast of 75,000 repossessions during 2009 now looked pessimistic and say they may revise the figure downwards.